New Focus Announces Board Changes
R. Clark Harris to Leave Board, Nic Pignati Elected Chairman, Nominating and Governance Committee Established
Monday October 14, 4:53 pm ET
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 14, 2002--New Focus, Inc., (Nasdaq:NUFO - News), a leading provider of photonics technology solutions, today announced that Nic Pignati, president and chief executive officer of New Focus, will replace R. Clark Harris as chairman of the company's board of directors effective October 24, 2002. Mr. Harris will also relinquish his position as chief strategy officer. The company indicated that Mr. Harris' decision to reduce his active role in the company was based upon his desire to spend more time in retirement activities on the east coast. The company also announced the formation of a nominating and governance committee of the board composed of three independent outside board members.
"We thank Clark for his valuable insights as a board member and his leadership as president and chief executive officer during a critical period in the company's history. Under his stewardship the company restructured its operations and changed its strategic direction. While we are disappointed with Clark's decision to reduce his day-to-day involvement with the company, we are pleased that he has agreed to provide consulting advice to the company's management team," said Nic Pignati, president and chief executive officer of New Focus, Inc.
Mr. Harris joined the company's board of directors in December 1998, was elected chairman in August 2001 and recently served as the company's president and chief executive officer from October 2001 through April 2002. From May 2002 he played an active role in the company's strategic direction through his position as chief strategy officer.
In addition to the existing audit and compensation committees, the company's board of directors has established a nominating and governance committee. This committee will identify and recommend prospective director nominees for the company's board. The committee will also ensure that the company maintains and follows appropriate governance standards to meet the fiduciary obligations to stockholders. Dr. Peter Bordui will chair the nominating and governance committee. He has served on the company's board of directors since December 2001 and is also a member of the audit committee of the board.
About New Focus:
New Focus develops and manufactures innovative photonics solutions for the telecommunications, semiconductor, industrial and biomedical markets. New Focus' product portfolio includes tunable lasers for test and measurement applications, advanced photonics tools and high speed opto-electronic devices. Founded in 1990, the company remains a leader in the development of advanced optical products for the commercial and research marketplaces. The company is headquartered in San Jose, California.
For more information about New Focus visit the company's Internet home page at newfocus.com, call our Investors Relations Department at 408-919-2736, or e-mail us at investor@newfocus.com.
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Contact:
New Focus
William L. Potts, Jr., 408/919-5384 |
