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HAYES PRESIDENT & CEO QUITS AHEAD OF REVERSE TAKEOVER

The president and chief executive of Hayes Microcomputer Products Ltd has resigned ahead of the company’s reverse takeover of Access Beyond Inc. Through the takeover, Hayes, which is approaching 20 in the business, will finally gain a Nasdaq listing. Joseph Formichelli has quit but will stay on as a consultant to Hayes for now. He will be replaced in part by PK Chan, Hayes current VP operations. Formichelli will also stay on the Hayes board. Formichelli joined Hayes in May last year from IBM Corp, where he was most recently VP of worldwide operations for the PC Co. A special management committee of Hayes has been established comprising chairman and founder Dennis Hayes, Access Beyond chairman and CEO Ron Howard and Chan as Hayes president and chief operating officer. In other words the Hayes CEO role is empty. Hayes could not say yesterday what the plans are, but were talking as if a combination of Chan and Hayes would run things for now.

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CBR Staff Writer

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