LAS VEGAS, NV -- John Pittman, managing director of opto-electronics at Nortel Networks, is quitting to head up a new startup developing high power lasers. He will take up his new post as CEO of Pinceton Lightwave on May 17, Light Reading has learned.

Pittman's departure is a blow for Nortel. Pittman was in charge of a $1-billion-plus business and was heading up significant expansion plans - ones that called on Nortel to invest a total of $660 million in new optical component plants.

Capturing such a high profile CEO is a big coup for Princeton Lightwave and Morgenthaler http://www.morgenthaler.com/, its venture capital company. It suggests that the startup has got enormous potential - probably in helping carriers to slash costs by eliminating electrical regeneration of light signals in their networks.

By Peter Heywood, international editor, Light Reading, http://www.lightreading.com