PictureTel CFO Resigns, Ralph Takala Named Interim CFO

PictureTel (http://www.picturetel.com) said that its CFO Arthur L. Fatum has resigned to work for another company.

To replace him, PictureTel engaged Ralph Takala, from Altman and Company, as interim chief financial officer. Altman has a reputation for specializing in helping companies regain profitability and improve cash flow.

"We are sorry to lose Art," said Dr. Norman E. Gaut, PictureTel's chairman and chief executive officer. "He was a greatly valued member of our management team, and has made a strong contribution to the corporation over the years."

PictureTel will launch a search for a permanent CFO toward the end of the summer.