-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ZhJBgAsuYvaA2c5FORUv+WzyvsK//5M/9F1MgljL97MWZ8Pz1ro0aZZzQffhk3a9 OzXmsJTXO5TI3mSVvsqhQQ== 0000040656-95-000007.txt : 19950728 0000040656-95-000007.hdr.sgml : 19950728 ACCESSION NUMBER: 0000040656-95-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950727 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950727 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL INSTRUMENT CORP /DE/ CENTRAL INDEX KEY: 0000040656 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 133575653 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05442 FILM NUMBER: 95556599 BUSINESS ADDRESS: STREET 1: 181 W MADISON ST CITY: CHICAGO STATE: IL ZIP: 60602 BUSINESS PHONE: 3125415000 MAIL ADDRESS: STREET 1: 125 CHUBB AVE CITY: LYNDHURST STATE: NJ ZIP: 07071 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (Date of earliest event reported): July 27, 1995 General Instrument Corporation (Exact name of registrant as specified in its charter) Delaware 1-5442 13-3575653 (State or other jurisdiction (Commission File No.) (I.R.S. Employer of incorporation) Identification No.) 181 West Madison Street, Chicago, Illinois 60602 (Address of principal executive office) (Zip Code) (312) 541-5000 (Registrant's telephone number, including area code) Item 5 Other Events The Registrant hereby incorporates by reference the description of the matters set forth in its press release dated July 27, 1995 (such press release being Exhibit 99 attached hereto). Item 7 Financial Statements and Exhibits (c) Exhibits 99 Registrant's press release dated July 27, 1995 Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GENERAL INSTRUMENT CORPORATION By:/s/ Paul J. Berzenski --------------------- Paul J. Berzenski Vice President and Controller DATE: July 27, 1995 EXHIBIT INDEX No. Exhibits - ---- -------- 99 The Registrant's press release dated July 27, 1995 EX-99 2 Exhibit (99) Contact for General Instrument: Karen Kane 312-541-5011 Contact for Forstmann Little: George Sard Sard Verbinnen & Co. 212-687-8080 FOR IMMEDIATE RELEASE DAN AKERSON, GENERAL PARTNER AT FORSTMANN LITTLE SINCE 1993, TO SPEND FULL TIME AT FIRM; RICK FRIEDLAND TO SUCCEED AKERSON AS CEO OF GENERAL INSTRUMENT ___________________________________________________________ CHICAGO and NEW YORK July 27, 1995-- General Instrument Corporation (NYSE: GIC) and Forstmann Little & Co., its largest shareholder, announced today that Daniel F. Akerson, Chairman and Chief Executive Officer of General Instrument, is stepping down as CEO to spend full time at Forstmann Little, and that Richard S. Friedland, President and Chief Operating Officer, will become CEO of General Instrument effective August 1, 1995. Akerson, who has been a General Partner of Forstmann Little since 1993, remains Chairman and a Director of GI until December 31, 1995. Friedland is a 17-year GI veteran who has been President, Chief Operating Officer and a Director since late 1993. "Dan Akerson left MCI to join Forstmann Little as a general partner in 1993," said Theodore J. Forstmann, Senior Partner of Forstmann Little, which acquired GI in 1990 and took it public in 1992. "His initial task was to become CEO of GI, which was then our largest investment. I asked him to create and implement appropriate business and technology strategies while establishing management succession. He has done a superb job." "One of the first things Dan did was to promote Rick Friedland to President and COO," said Forstmann. "Rick has performed superbly, and we have great confidence in Rick's ability to create further value for all GI shareholders. Under Dan's and Rick's leadership, GI's revenues have doubled, net income has quadrupled, and market capitalization has risen by $1.8 billion. We own 21.7 million shares and continue as GI's largest shareholder." "I am pleased to have been able to make a contribution to GI's success at such an important stage of its development," said Akerson. "Rick Friedland has been my partner for the past two years, and he has done an excellent job running all areas of operations. Rick is well acquainted with the responsibilities of the chief executive officer and has the respect of customers, employees and shareholders. He deserves a great deal of credit for the company's strong current market position and future prospects. He is the ideal person to provide continuity and help GI take full advantage of its extraordinary opportunities in the years ahead." "Managing General Instrument is an extraordinary challenge and opportunity for me," said Friedland. "GI's telecommunications market and technology leadership, honed in the U.S. cable industry, is expanding into broader markets in the U.S. and worldwide," said Friedland. "We have the people, the technologies and the products to serve customers throughout the world. We will continue to build on our solid reputation for quality, ingenuity and timely delivery of products to meet our customers' evolving needs." Friedland, 44, was named President, Chief Operating Officer and a Director of GI in October 1993. He had been Chief Financial Officer since 1992 and previously held a series of increasingly responsible financial management positions. He joined GI in 1978 from Price Waterhouse LLP. Friedland is a Director of Department 56, Inc., a maker of specialty giftware products. Awarded a B.S. in accounting from Ohio State University, Friedland earned his M.B.A. in finance at Seton Hall University in 1985. Akerson, 46, became a General Partner of Forstmann Little and Chairman and CEO of General Instrument in August 1993. He previously spent 10 years at MCI Communications Corporation, most recently as President and Chief Operating Officer. He is a Director of The American Express Company, Gulfstream Aerospace Corporation, Ziff-Davis Publishing Company, The Thompson-Minwax Company and the Business School of the College of William and Mary. Founded in 1978, Forstmann Little & Co. is a private investment firm that has invested over $12 billion in 20 acquisitions, most recently $1.4 billion in Ziff-Davis Publishing Company in late 1994. In addition to Ziff-Davis and its 15 percent stake in General Instrument, the firm currently owns or controls six companies, including Department 56, Gulfstream Aerospace Corporation and The Thompson-Minwax Company. General Instrument Corporation is a world leader in developing technology, systems and product solutions for the interactive delivery of video, voice and data. #### -----END PRIVACY-ENHANCED MESSAGE-----