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Polycom Falls as Top Sales Executives Leave: San Francisco Mover
March 7, 2012 | Hogan Keyser
Shares of the Pleasanton, California-based company dropped to $18.05 at the close in New York. The stock had gained 23 percent this year before today.
Jason Noah Ader, an analyst at William Blair & Co. in Boston, wrote in a note today that the departures include George Lillig, Polycom's vice president of U.S. government, educational and medical sales. The loss of Lillig and other key sales personnel may mean that the company's effort to overhaul its U.S. sales organization, begun last year, may take longer than management expected, Ader said.
"They didn't want to see these guys go," Ader said in an interview. "These were seasoned guys, and they have to stop the bleeding in the U.S."
Lillig is now employed by a partner of Polycom, not a competitor, said Laura Graves, vice president for investor relations.
"We have anticipated changes in some areas of sales and there is a road map and succession plan in place," Graves said in an interview.
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