Microdyne Corp said Wednesday that it has a new President and CEO. Michael Jalbert will succeed Philip Cunningham as head of the Alexandria, Virginia-based maker of networking boards and products, effective March 10. Mr. Jalbert joins Microdyne from IDB Mobile Communications, a Bethesda, Maryland-based satellite communications provider, where he was President and CEO. Mr. Cunningham, who owns 43% of Microdyne, has chosen his own successor to run the daily business operations but remains Chairman of the Board and will concentrate on strategic planning. These changes come after Microdyne posted a loss of $2.8m, or $0.22 per share for the year ended September 1996. A Microdyne spokesman said Mr. Jalbert’s first concern will be to provide greater value to shareholders, although he asserted that the reason for the leadership change was to plan for the future and not to turn things around financially.
