General Magic Appoints New Chief Financial Officer
SUNNYVALE, Calif. — December 7, 1995 — General Magic, Inc. (Nasdaq: GMGC) announced today that it has named Dennis Raney as senior vice president of finance and administration and chief financial officer. Raney, 53, is responsible for the overall fiscal and administrative management of the company. Functions reporting to Raney include finance, treasury, accounting, administration, investor relations, human resources, facilities and management information systems.
"The explosive growth of the communications market presents tremendous opportunities for General Magic," said Raney. "I look forward to helping to drive the company's financial and strategic planning activity. I am delighted to return to the dynamics of high technology."
Raney has more than 25 years of senior financial management experience, and an extensive background in strategic planning, budgeting, financial reporting, and operations. Most recently, Raney served as senior vice president and chief financial officer at Bristol-Myers Squibb's pharmaceutical group. Prior to working at Bristol Myers Squibb, Raney spent 23 years at Hewlett-Packard in a variety of finance and administration roles in the U.S., Europe and Asia.
Raney holds a master's in business administration from the University of Chicago and a bachelor's degree in chemical engineering from the South Dakota School of Mines and Technology.
"We are very excited to have Dennis Raney join our executive team," said Marc Porat, chairman and chief executive officer of the company. "Dennis brings a wealth of experience in financial management, as well as a strong background in the high technology field — both of which we believe are key assets for General Magic."
General Magic, Inc. was founded in May 1990 and is headquartered in Sunnyvale, California. Its mission is to participate in the electronic marketplace by developing and licensing software to leading providers of communication products, network services and network applications. The General Magic Founding Partners Council includes Apple Computer, AT&T, Cable & Wireless, France Telecom, Fujitsu, Matsushita, Mitsubishi, Motorola, NTT, Oki, Philips, Sanyo, Sony, and Toshiba. General Magic's World Wide Web address is http://www.genmagic.com/.
NOTE: Magic Cap and Telescript are trademarks of General Magic, Inc. General Magic acknowledges the rights of the trademark owners for all trademarks referred to herein.
CONTACT:
Jane Anderson of General Magic, 408-774-4040, or jane(underscore)anderson(at)attpls.net