ADC names Gokul Hemmady as chief financial officer; Mark Borman replaces Hemmady as treasurer, remains VP of investor relations

August 26, 2003

2 Min Read

MINNEAPOLIS -- ADC (Nasdaq:ADCT, www.adc.com) today announced Gokul Hemmady as Chief Financial Officer of ADC, with responsibility for ADC's financial strategy and management. Hemmady joined ADC in 1997 as Assistant Treasurer, and has contributed significantly to ADC's success since joining the company. Since 2002, Hemmady has served as ADC's Corporate Controller and Treasurer.

"Gokul has been instrumental in executing ADC's financial strategy, including our stellar cash management through the last several years of the industry downturn," said Robert E. Switz, ADC's President and CEO. "He brings a keen understanding of our industry and an exceptional passion for winning to his new role."

ADC also announces the promotion of Mark Borman to the position of Treasurer, combined with his current position of Vice President of Investor Relations. "Mark has been exceptional in working with our investor community," said Switz. "He also brings extensive prior experience in banking and corporate finance."

Switz moved quickly to announce these promotions, and solidify his executive leadership following his promotion to President and CEO in mid-August. Switz previously served ADC for nine years as CFO. "ADC has an incredibly solid executive leadership team, and despite the downturn of the recent years, we have been able to retain management bench strength across the company," said Switz. "I am excited for both ADC and for these individuals as we move the company forward. ADC is extremely well positioned to build on our current momentum and return to profitability."

Prior to joining ADC, Hemmady served in several financial leadership positions. While at U.S. West, he served as Director of International Finance for U.S. West International, and as Capital Markets Manager with responsibility for financial risk management. Hemmady also brings directly relevant experience from financial leadership roles at Citibank, S.B. Billimoria & Company, Industrial and Allied Chemicals, and Mahindra and Mahindra Ltd. He earned a Master's degree in Business Administration from the Yale School of Organization and Management, and a Bachelor of Commerce degree from the University of Bombay. Additionally, Hemmady is a member of the Institute of Chartered Accounts of India, which is similar to C.P.A. credentialing in the United States.

Prior to joining ADC in 1998, Borman served in a broad range of investor relations and financial management roles. While at General Instrument Corporation in the 1990's, he served as Director of Financial Relations and Planning, then as Vice President of Investor Relations. Borman gained additional experience in prior roles at First Chicago Corporation, FMC Corporation, Price Waterhouse and KMG Main Hurdman. He holds a M.B.A in Finance and Business Policy from the University of Chicago, and a B.A. in Accounting from Michigan State University. Additionally, Borman has earned accreditation as a Certified Public Accountant and Chartered Financial Analyst.

ADC Telecommunications Inc.

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