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Chief Exec Bruce Claflin Leaving 3Com

Bruce Claflin, President and chief executive officer of 3Com, will retire from the firm as soon as a replacement has been found, 3Com announced.

The networking systems firm has been unprofitable for five years, but it said Wednesday it expected to reach "a breakeven model, before restructuring and amortization expenses" in its fiscal quarter ending in February 2007.

Eric Benhamou, 3Com's chairman, praised Claflin's leadership at 3Com, noting that during Claflin's tenure the company established a joint venture with China's Huawei.

"Under Bruce's leadership, 3Com developed a strategy to become a leading global provider of secure converged networking solutions for small, medium, and large enterprises," said Benhamou in a statement

Claflin, 54, said he was retiring for personal reasons and because the firm's business goals have been reached, according to published reports.