3Com authorizes $100 million stock buyback

3Com Corp., a Marlborough-based computer network equipment company, announced today that its board has authorized a stock repurchase program of up to $100 million - a plan effective for one year.

Any repurchased shares will be retired to 3Com's un-issued shares. As of Monday, the company had approximately 405,889,159 shares of common stock outstanding. The stock repurchase program may be limited or terminated at any time. The stock closed at $2.16 Tuesday.

In other news, the company also announced that the board of directors has elected Kathleen Cote, former chief executive officer of Worldport Communications, Inc., to serve as a Class I director. Effective tomorrow, Cote is the seventh member of the 3Com Board of Directors and will also serve on the Board's Audit and Finance Committee and Nominating and Governance Committee.

"We are very fortunate to add someone of Kath's background to the 3Com Board of Directors," said 3Com Chairman Eric Benhamou in a statement.

Cote is a private investor and advisor providing strategic and operational expertise to technology companies. She has previously served as the CEO of Worldport Communications, Inc. and president and founder of Seagrass Partners, among other senior management positions.
(By Jonnelle Marte, Globe correspondent)