FNet Going Independent of Parent Franklin Telecom

Franklin Telecom of Westlake Village announced it is spinning off subsidiary FNet Corp. as an independent operation.

James L. Magruder has been appointed chief executive officer for FNet.

Magruder has 30 years’ experience in the telecommunications services industry. Before joining Franklin, he was president and chief operating officer of Zephyr Telecommunications.

“Securing someone with Jim Magruder’s talent, experience and associations within the telecommunications industry means that FNet Corp. will have the leadership it needs as it becomes independent of the parent company,” said Frank Peters, Franklin Telecom’s president and CEO. “He has both the business savvy and the technical expertise to lead FNet forward in the emerging Internet telephony marketplace.”

Magruder will also assume a seat on FNet’s board of directors.

Franklin Telecom designs and manufactures communications devices, high-speed LAN, WAN, Telco and satellite systems and software. FNet provides services using FTEL products.