JDSU (NASDAQ: JDSU) announced the expected composition of the boards of directors for Lumentum Holdings, Inc. and Viavi Solutions, Inc., the two publicly-traded companies that will result from the previously announced spin-off of JDSU’s CCOP business. The separation is expected to be completed within the third calendar quarter of 2015.
“Today’s announcement is another important milestone toward the completion of the separation of JDSU into two public companies,” said Tom Waechter, president and chief executive officer of JDSU, and CEO-designate for Viavi. “Both Lumentum and Viavi Solutions will have strong leadership and proven board and management teams, positioning them to deliver on their strategies and create value for their shareholders.”
Each of the Lumentum directors are expected to be appointed to the Lumentum board effective upon completion of the spin-off from JDSU.
“I’m very excited to work with an exceptional group of directors who will help guide Lumentum forward as an independent company,” said Alan Lowe, CEO-designate for Lumentum. “Our company will benefit from the collective institutional knowledge of the business and expertise in key market segments that these individuals bring with them.”
Lumentum expects to appoint the following directors:
Harold Covert, former executive vice president and chief financial officer of Lumos Networks Corporation
Penelope Herscher, president and chief executive officer of FirstRain
Martin Kaplan, former executive vice president of Pacific Telesis Group, Inc.
Brian Lillie, chief information officer of Equinix, Inc.
Samuel Thomas, director, chairman and chief executive officer of Chart Industries, Inc.
Alan Lowe, CEO-designate for Lumentum Holdings, current president of JDSU’s CCOP segment since 2008 and executive vice president of JDSU
Harold Covert will serve as chairperson of the audit committee, Penelope Herscher will serve as chairperson of the compensation committee and Martin Kaplan will serve as chair of Lumentum’s board of directors as well as the chairperson of the governance committee.
JDSU previously announced the appointment of Pamela Strayer, contingent upon the completion of the Lumentum spin-off.
Viavi expects that its board will include the following directors:
Keith Barnes, former chairman and CEO of Verigy and executive with Agilent, Electroglas, IMS, and Cadence
Richard E. Belluzzo, managing partner of Corso Partners LLC
Tim Campos, chief information officer and a member of the senior management team at Facebook
Masood Jabbar, former president of the Computer Systems Division and chief financial officer for Sun Microsystems Inc.
Pamela Strayer, senior vice president and chief financial officer at Plantronics
Thomas Waechter, present CEO of JDSU and CEO-designate for Viavi Solutions
Pamela Strayer will serve as chairperson of the audit committee, Keith Barnes will serve as chairperson of the compensation committee and Richard Belluzzo will serve as chair of Viavi’s board as well as chairperson of the governance committee.
Lumentum has applied to trade on the NASDAQ exchange under the ticker symbol LITE. Viavi will trade on the NASDAQ exchange under the ticker symbol VIAV. To stay informed on JDSU’s separation into two public companies, visit the “Separation Updates” page on jdsu.com.
