Optical components

Bookham Ousts CEO Anania

Message board posters: You won't have Giorgio Anania to kick around any more.

Optical components vendor Bookham Inc. (Nasdaq: BKHM; London: BHM) announced today that Anania is gone. He's vacating the CEO spot and giving up his board seat, effective immediately.

The decision was described as a mutual agreement between Anania and Bookham's board. Peter Bordui, Bookham's non-executive chairman, will be interim president and CEO.

Thus ends Anania's six-year quest to get Bookham back on its feet. Since being named CEO during the telecom downturn, he's overseen the acquisition of the Nortel Networks Ltd. components business and the migration of Bookham's test and assembly to Shenzhen, China. Those moves were intended to boost Bookham's market share and cut costs, respectively. (See Bookham Buys Nortel's Components Biz.)

But Bookham's losses have persisted, and its spiral of restructuring hasn't stopped. Worse, it's continued to struggle as the optical components business has begun showing signs of health, including the IPOs of Optium Corp. (Nasdaq: OPTM) in October and Opnext Inc. (Nasdaq: OPXT) today. (See Opnext IPO Has Lots of Bandwidth.)

Bookham's most recent earnings might have been the last straw. The company missed analyst estimates for its December quarter, undercut expectations with its revenue forecast, and announced yet another set of cutbacks. (See Bookham Readies More Cuts.)

Temporary CEO Bordui joined the Bookham family through the company's acquisition of New Focus in 2004. He's from the optical components industry, with a resumé that includes a stint at JDSU (Nasdaq: JDSU; Toronto: JDU).

Bookham stock was up 6 cents (2.4%) at $2.59 in early after-hours trading.

— Craig Matsumoto, West Coast Editor, Light Reading

deauxfaux 12/5/2012 | 3:14:24 PM
re: Bookham Ousts CEO Anania C'mon...comparing a great company like HP with a few problems to BKHM?....the last time you were with Georgio did he pull out a gold watch and swing it in front of you and say...you are getting sleeeeeepy....sleeeeepy?

Seriously, these guys have burned through $1B and had 18 years of consecutive losses. Georgio may have been the ringleader, but there are plenty of other clowns in the circus.

Lets just hope that BKHM brings in a serious operating exec to finish the "cleansing" of the "nobles" at BKHM. The shareholders, customers and employees will all benefit.
deauxfaux 12/5/2012 | 3:14:24 PM
re: Bookham Ousts CEO Anania ...so if BKHM were indeed only 2 quarters away from a major turnaround, why would Georgio's movers be packing up the ol' espresso machine and packing it away in the boot of his custom BKHM supplied Beemer?

...when was the last time Georgio was pessimistic in a conference call?

Pete Baldwin 12/5/2012 | 3:14:24 PM
re: Bookham Ousts CEO Anania That's one way to look at it.

Putting on rose-colored glasses... maybe the turnaround really will start in a couple quarters, but the board just got weary of hearing bad news quarter after quarter. Maybe all the fruits of Anania's work will come after he's gone (kind of like Carly Fiorina's take on HP.)
DZED 12/5/2012 | 3:14:23 PM
re: Bookham Ousts CEO Anania CEO Leaves, share price rises, that says it all really. If he was doing so well why did he just get a fat bonus?

And the execs are still dumping stock.
If the CEO, CTO, CFO and CCO are selling out what does that tell the market?

Next to go should be CFO Steve Abely, Anania's right hand man in the pillaging process.

But seriously, every restructuring estimate of his has been out by a factor of at least two, the move to the US has been a finacial disaster for the company as well as the shareholders.
If the company ever makes a profit the years of losses cannot now be claimed against, duh.
Bookedout 12/5/2012 | 3:14:22 PM
re: Bookham Ousts CEO Anania If the rumour mill was accurate, and Avanex backed away from a deal because of Anania's severence demands, could the deal be back on the table now?

Seems to me that BKHM's troubles run a lot deeper than just Anania, though his departure (hoorah!)may help the company's credability (who wants to buy from a supplier that may fold at any time?).
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