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ShoreTel CEO Retiring

Leaves a company with greater revenues than when he arrived, but still mired in losses.

By Rich Smith – May 10, 2013 at 6:54PM EST

Sunnyvale, Calif.-based ShoreTel (NASDAQ: SHOR) needs a new Chief Executive Officer.

On Friday, the self-proclaimed "leading provider of brilliantly simple unified communications platforms" announced that President and CEO Peter Blackmore intends to retire just as soon as a replacement can be found.

Blackmore, who took over as ShoreTel's CEO in 2010, previously served as CEO of UTStarcom. In his time with ShoreTel, he has helped the company to nearly double its annual revenue -- albeit he's been unable to keep the company's losses from more than doubling in the process. Over the past 12 months, ShoreTel reported losses of $28.4 million, up from $12.8 million in the year that Blackmore took over leadership of the company.

The company says it is now searching for a replacement. ShoreTel shares dropped 0.2% in Friday trading, closing at $4.19.

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About the Author

Rich Smith
Rich Smith is a contributing Motley Fool defense and stock market analyst covering publicly traded and emerging companies in defense, space, aerospace, and other sectors. Prior to The Motley Fool, Rich practiced international corporate law for Clifford Chance in Russia, and for the Russian-Ukrainian Legal Group in Moscow, Kyiv, and Washington, D.C. He holds a bachelor’s degree in international relations from the College of William & Mary, a law degree from the University of Baltimore, and a language certification from the International Institute of Russian Language & Culture in Tver, Russian Federation. The Globe and Mail once featured him as “one of the best stock pickers since 2009.”
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