Plantronics CEO Ken Kannappan To Retire; Joe Burton To Succeed - Quick Facts

(RTTNews) - Plantronics, Inc. (PLT) announced that Ken Kannappan, president and CEO, will retire as CEO at the end of the second quarter of the company's fiscal year. Joe Burton, Plantronics' executive vice president and chief commercial officer, will become president and chief executive officer effective Oct. 2, 2016. Kannappan is expected to remain employed as Executive Vice Chairman reporting to Burton for one year. After that, he will serve as a consultant to Plantronics for 18 months.

Burton joined Plantronics in 2011 from Polycom, where he was executive vice president, chief strategy officer, chief technology officer and general manager of its service provider business. Prior to that, Burton spent 10 years at Cisco Systems.

Separately, Plantronics announced a new 1 million share repurchase program to commence after repurchasing the approximately 90,000 shares remaining under the existing 1 million share repurchase program.