Bay Networks Taps Intel Exec as Chairman

Bay Networks Inc. has picked veteran Intel Corp. executive David L. House, 53, as its chairman, president and chief executive. The news boosted Bay’s stock $2.125 to $20.625 on the New York Stock Exchange. The struggling networking company had been seeking a CEO for most of the year. House succeeds Andrew K. Ludwick, who resigned Oct. 14 after promising for months to step down. Paul J. Severino, Bay chairman, had been acting chief executive, and he will remain a director. House, a 22-year Intel veteran, previously was a senior vice president in charge of the chip maker’s server products, one of its most important strategic areas. Both companies are based in Santa Clara.