MRV Starts Shedding Pieces
Dilip Singh, who had been interim CEO of MRV, quit that job Monday, as MRV reported in a Securities and Exchange Commission (SEC) filing the next day. Singh's duties are being taken over, for now, by Chief Financial Officer Chris King -- the interim interim CEO, you might say.
As for why Singh left, the filing only mentions the usual "pursue other interests" reason.
Then, on Wednesday, MRV filed another SEC document, saying it's struck an agreement to sell CES Creative Electronic Systems SA. CES is a Switzerland-based avionics company and, weirdly, is part of the Network Equipment Group. It's going to Vinci Capital Switzerland SA for CHF 25.8 million (US$28 million), and the deal is expected to close in January.
MRV announced in September that it was thinking about alternatives for the Network Equipment Group -- the kind of language that usually means the company is hoping to sell something off. The Optical Communications Systems division is the best known part of the group; there's also a Taiwan-based optical-components division called Appointech.
— Craig Matsumoto, West Coast Editor, Light Reading