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Employment

Love Lost for Tellium

Marc B. Weisberg, an ex-Qwest Communications International Inc. (NYSE: Q) M&A guru , has resigned from his board seat at struggling optical switch company Tellium Inc. (Nasdaq: TELM). Weisberg’s resignation comes almost exactly one year after he was appointed to the board of directors.

At the time of his appointment, Weisberg, who had spent more than 25 years working on mergers and acquisitions, was thought to be working on the M&A front. Many in the industry began speculating that his appointment to the board signified the company was shopping itself around (see Tellium: Up for Sale?).

But after a full year in his position, nothing has materialized. The company’s stock price, along with its revenues, has continued to plummet. Now, Weisberg’s departure could be a sign that the company is looking at other alternatives. A private investment firm has been rumored to be sniffing around for the past few months (see Tellium Takeover Plan Brewing). With few customer prospects and a sagging stock price, Tellium may have no other choice but to consider such proposals.

No specific reasons were given for why Weisberg left. Tellium officials couldn’t be reached for a comment. In the press release Harry Carr, Tellium’s chairman and CEO, said, "Marc's counsel and advice were very helpful during these past twelve very challenging months for us. I want to thank Marc for his contributions to Tellium and wish him all the best."

— Marguerite Reardon, Senior Editor, Light Reading
futureisbright 12/5/2012 | 12:37:42 AM
re: Love Lost for Tellium The ship is sinking.

Weisberg is the first rat heading for shore.
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