Jim Granger knows he has his work cut out for him. And he couldn t be happier. Those shaky finances have scrambled the firm s existing credit agreements, and a refinancing deal signed in August fell apart recently, leaving Granger and his new colleagues at the venerable networking company to cobble together an alternative package with lenders. But in the cavernous lounge on the ground floor of Norstan s home offices in Minnetonka, Granger is cheerful even confident while discussing the company s future. After all, when you jump into a crater the size Norstan has dug over the past few years, you re going to see plenty of blue sky above you.
Experience is a big factor underpinning that optimism.
N.J. The gig at Norstan also returns Granger to his roots in the telephone business, building on a career that began with Ma Bell in Ohio and includes stops guiding marketing for United Telephone of Florida and heading an access-systems division for ADC Telecommunications in Minnetonka. The core of this business going back 25 years is selling telephones, and even though it has evolved so much, I feel like I ve come back home, Granger said. This is what I ve always done. So far, investors have not matched that enthusiasm. For the year, the share price is down nearly 90 percent, and it ranks as one of the worst performing stocks from the region during 2000.