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Tuesday, February 26, 2013

New CEO restructs Adept Technology

Adept Technology, a global provider of intelligent robots and autonomous mobile solutions and services, has announced that its Board of Directors has appointed Rob Cain as President and Chief Executive Officer succeeding John Dulchinos, who has resigned as President and Chief Executive Officer and as a director of the Company.
Credit: HCP, Rob Cain
Rob Cain, a operating partner at Hale Capital, has been working with Adept over the past several months in an advisory capacity, and has been a primary architect of the restructuring plan adopted by the company. As new CEO he will lead the corporate vision towards an increased emphasis on profitable growth in both its traditional markets and the new exciting mobile business, the company said.
Rob Cain is an Operating Partner of HCP and currently served as Chief Operating Officer of Telanetix Inc. Prior to joining HCP, Rob served as a board member and Senior Vice President of Operations at Avure Technologies, a division of Flow Corporation. At Avure, Rob and his team accomplished a successful turnaround by instilling a culture of execution and accountability in a unionized environment, while finding ways to outperform competitors worldwide. 

Share price comparison Adept, iRobot 2005-2013 
Adept Technology financial results for its fiscal 2013 second quarter ended December 29, 2012 reflect weaknesses in strategy and business performance. Revenue for the second quarter of fiscal 2013 was $10.8 million, below $15.2 million in revenue for the second quarter of fiscal 2012, and slightly below $11.4 million in revenue for the previous first quarter of fiscal 2013. Adept reported a GAAP net loss of $5.2 million, or $0.49 per share in the second quarter of fiscal 2013, compared to a net loss of $1.2 million, or $0.13 per share in the second quarter of fiscal 2012, and a net loss of $3.1 million, or $0.29 per share in the first quarter of fiscal 2013.

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