Sycamore replaces CFO

Equipment vendor Sycamore Networks announced a new chief financial officer on Tuesday. Richard Gaynor joins the company as CFO and vice president of finance and administration. Gaynor replaces Frances Jewels, Sycamore’s previous CFO since 1999, who will remain an advisor to the company.

Gaynor is the former vice president, corporate controller and principal accounting officer of Manufacturers Services, an electronics manufacturing sub-contractor recently acquired by Celestica. Before that, Gaynor was the CFO of Evans and Sutherland Computer and held various senior financial positions with Cabletron Systems.

In August Sycamore revealed it had retained Morgan Stanley to help it review "strategic alternatives," including "alliances with or sale to another entity, acquisition of, or mergers or other combinations with companies with either complimentary technologies or in adjacent market segments, the feasibility of remaining a standalone entity and recapitalization alternatives, including stock buybacks and cash dividends."

For the fiscal year ending July 31, 2004, Sycamore posted a net loss of $44.9 million or $(0.17) per share. The company also has nearly $1 billion in cash.