Opnext CEO Opts Out
Chief executive Gilles Bouchard resigns after a down year for the stock, prompting the return of Harry Bosco
Opnext Inc. (Nasdaq: OPXT) CEO Gilles Bouchard has resigned, the company announced this morning. Harry Bosco, chairman of the optical components company and Bouchard's predecessor, is returning to action as interim CEO. Opnext officials weren't immediately available for comment.
Why this matters
The rest of the optical sector has rallied while Opnext has lagged, and that could be what prompted the board to make a change. (These "resignations" are rarely voluntary.) In the past 12 months, Opnext shares are down 18 percent, while JDSU (Nasdaq: JDSU; Toronto: JDU) and Oclaro Inc. (Nasdaq: OCLR) are both up roughly 65 percent, and Leading Lights winner Finisar Corp. (Nasdaq: FNSR) is up 223 percent. (See LR Names 2010 Leading Lights Winners.)
Opnext shares are up 2 cents (1 percent) at $1.62 this morning.
For more
Here's more about Opnext's recent fortunes, in reverse chronological order back to early 2009, when Bouchard was promoted to CEO from chief operating officer.
Opnext Reports Q2
Opnext Demos 40G, 100G
Opnext, TeliaSonera Test 100G
Cisco Renews Optical Focus With CoreOptics
OFC/NFOEC: Mergers Haven't Gone Far Enough
Opnext Makes Its 100G Move
Opnext Dips on 40G Stagnation
Mintera Nabs Nokia Siemens
Opnext Adopts Poison Pill
Opnext Changes CEOs, Starts Cutting
Opnext Completes StrataLight Buy
And here's what we thought was our exit interview with Bosco, from 2009.
{videoembed|174469} — Craig Matsumoto, West Coast Editor, Light Reading
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