Beare resigns, Gunning named COO

SSN Staff  - 
Saturday, June 1, 2002

LEWISVILLE, Texas-Two years after taking over the reigns as president and chief executive officer of Ultrak, Peter Beare has stepped down and a new person has been brought in to return the camera, access control and manufacturer of other products to profitability.

Rufus Bond Gunning has been named chief operating officer of the company, which in recent years has struggled with an undervalued stock price and bringing product to market in a timely fashion.

Gunning comes to Ultrak with more than 30 years of senior management experience. He worked for Chubb for 22 years and has been instrumental in returning a number of companies to profitability.

Meanwhile, company officials have decided to split the position of chief executive officer between two people. George Broady, former chief executive officer of Ultrak until two years ago, will share the role with Niklaus Zenger, who now heads the company's board of directors.

Broady left the high-profile position and became chairman of Ultrak when Beare came on board. At that time, the company was considering a sale but rejected that idea and instead reorganized.

The restructuring included reducing its workforce, closing down a central distribution center in Belgium and phasing out its CCTV division in France. These changes were expected to result in cost savings of $10 million.