Struggling television, set-top box and cable modem maker Zenith Electronics Corp has named Jeffrey Gannon president and chief executive officer effective January 19. Gannon, corporate vice president for international business development at General Electric Co, succeeds Peter Willmott, who is retiring after holding the position since July 1996. Willmott announced his early retirement – he was supposed to retire at the end of 1998 – back in September (CI No 3,241), explaining that the Glenview, Illinois company was in need of new leadership sooner rather than later. He led the search for his own successor. Gannon will drive Zenith’s turnaround efforts, leading the company’s senior management team, including chief financial officer Robert Dangremond, a turnaround expert who joined the company last week. In October, Zenith reported a third-quarter net loss of $69.2m, up from losses of $40.2m a year earlier, on revenue down 10.7% at $304.5m. Nine-month net loss was $143.7m on revenue down 4.1% at $825.4m.
