After leading JDS Uniphase through a corporate split, Chief Executive Tom Waechter is leaving the company. Waechter had taken over as CEO and president of Viavi Solutions Inc. , the expected high-growth area of JDSU’s business, after splitting off the firm’s traditional optical-networking business into Lumentum Holdings . Tuesday afternoon, however, Viavi announced Waechter would step down from his role at Viavi less than two weeks after the split became effective on Aug. 1, saying he “will be pursuing other business and personal interests.” Waechter, who had led JDSU for six years, will be replaced on an interim basis by former Quantum CEO Richard Belluzzo, who was chairman of the newly formed Viavi. “As Viavi moves forward, we will seek a new leader with strong industry knowledge and customer relationships, technical expertise and operational acumen,” Belluzzo said in the announcement. Viavi stock gained a little more than 1% in after-hours trading after the announcement and the company’s first quarterly earnings release as a separate entity; shares closed with a 5.8% loss at $5.85.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News