Contact Information: For More Information Investor Contact: Suzanne Craig The Blueshirt Group for SMART Modular Technologies 415-217-7722
SMART Modular Technologies Appoints New Chief Financial Officer
Barry Zwarenstein to Join SMART Executive Team
| Source: SMART Modular Technologies
FREMONT, CA--(Marketwire - September 10, 2008) - SMART Modular Technologies (WWH), Inc. ("SMART"
or the "Company") (NASDAQ : SMOD ), a leading independent manufacturer of
memory modules, solid state drives, embedded computing subsystems, and
TFT-LCD display products, announced the appointment of Barry Zwarenstein as
SMART's Senior Vice President of Finance and Chief Financial Officer. Mr.
Zwarenstein's appointment was effective on September 8, 2008. Mr. Michael
J. Gennaro will continue acting as the Principal Financial Officer until
the filing of SMART's Form 10-K for fiscal year ended August 29, 2008.
Global in scope, Mr. Zwarenstein's key areas of responsibilities include
finance, tax, treasury, investor relations, internal audit and
Sarbanes-Oxley compliance, business development, and risk management
activities.
"We are very pleased to welcome Barry Zwarenstein to SMART's executive
management team. He brings the expertise and track record of a seasoned
CFO of several publicly traded technology companies, over 30 years of
global business experience as an operations executive, and a solid
reputation among the financial community," commented Iain MacKenzie,
President and CEO of SMART. "We look forward to leveraging his diverse
background to lead our financial team and partnering with us to drive our
business forward."
Mr. Zwarenstein's extensive industry experience culminates from having held
several executive and senior level positions in technology companies. Most
recently, he was the Executive Vice President of Finance and CFO of
VeriFone Holdings, Inc., where he served as a key strategic and business
partner to the CEO, significantly strengthened the finance team and
jointly led the successful April 2005 IPO and subsequent follow-on and debt
offerings, cumulatively raising over $1 billion in financing. Prior to
joining VeriFone, Mr. Zwarenstein held the position of Vice President of
Finance and CFO of Iomega Corporation, where he helped drive significant
improvement in working capital performance and reduced expenses. From 1998
to 2001, he served as Senior Vice President of Finance and CFO of Acuson
Corporation, which was sold to Siemens in late 2000. He played a pivotal
role in all aspects of the sale to Siemens, including negotiations, banker
selection, due diligence, financial projections and gaining regulatory
clearance. He also served as Senior Vice President of Finance and Business
Development and CFO at Logitech where he jointly led the NASDAQ IPO in
March 1997. Additionally, he served as CFO of FMC Corporation's European
division, where he gained a reputation as a valued business partner of
business managers and worked on many acquisitions and divestitures. He
holds a Bachelor of Commerce degree from the University of Natal, South
Africa, an MBA from the Wharton School of Business at the University of
Pennsylvania, and is qualified as a Chartered Accountant in South Africa.
Mr. Zwarenstein commented, "I am excited to be joining the SMART team. I
look forward to working together with Iain MacKenzie and the rest of the
team to drive operational efficiency, to continue SMART's leadership
position in the high end, high value memory module business as well as
build on its success in diversifying into non-DRAM businesses such as SSDs,
embedded and display products."
"I would like to take this opportunity to thank Michael for his commitment
and contributions to SMART as its interim CFO. He integrated with our
management team very quickly and has been a valuable asset through these
past two quarters. We wish him well for his personal and professional
future," concluded Mr. MacKenzie.
About SMART
SMART is a leading independent designer, manufacturer and supplier of
electronic subsystems to original equipment manufacturers, or OEMs. SMART
offers more than 500 standard and custom products to OEMs engaged in the
computer, industrial, networking, gaming, telecommunications, and embedded
application markets. Taking innovations from the design stage through
manufacturing and delivery, SMART has developed a comprehensive memory
product line that includes DRAM, SRAM, and Flash memory in various form
factors. Through its subsidiary, Adtron Corporation, SMART offers high
performance, high capacity solid state drives for enterprise,
defense/aerospace, industrial automation, medical, and transportation
markets. Its Embedded Products Division develops embedded computing
subsystems, backed by design and manufacturing, for markets supporting test
equipment, 3G infrastructure, and network processing applications. SMART's
Display Products Group designs, manufactures, and sells thin film
transistors (TFT) liquid crystal display (LCD) solutions to customers
developing casino gaming systems as well as embedded applications such as
kiosk, ATM, point-of-service, and industrial control systems. SMART's
presence in the U.S., Europe, Asia, and Latin America enables it to provide
its customers with proven expertise in international logistics, asset
management, and supply-chain management worldwide. See www.smartm.com for
more information.