EMCORE Corporation Elects New Chairman, Authorizes Planning for Corporate Separation
Last update: 4/4/2008 4:08:00 PM
ALBUQUERQUE, N.M., April 4, 2008, 2008
/PRNewswire-FirstCall via COMTEX/ --
EMCORE Corporation (EMKR), a leading provider of semiconductor-based components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, announced today that, following its annual shareholders' meeting, its Board of Directors had elected a new Chairman and Chief Executive Officer, and also authorized planning for a separation of its two business lines. Pursuant to a succession plan announced in 2006, Reuben Richards was elected to the newly-created position of Executive Chairman. Dr. Thomas Russell, who previously served as Chairman of the Board of Directors, will remain on the Board as Chairman Emeritus. "Everyone at EMCORE is deeply grateful to Dr. Russell for his many years of service to the Company as its Chairman and for his vision, passion, and leadership over this period," noted Mr. Richards. "We look forward to continuing to work with him and our other Board members to meet the exciting opportunities and challenges currently facing the Company." Also pursuant to the Company's previously announced succession plan, Dr. Hong Hou, currently the Company's President and Chief Operating Officer, succeeded Mr. Richards as Chief Executive Officer and will continue to report to Mr. Richards. Each of Mr. Richards and Dr. Hou will be active in different aspects of running the Company. The Company also announced that Thomas Werthan, one of the members of its Board of Directors, had tendered his resignation. Mr. Richards thanked Mr. Werthan for his past service to the Company. EMCORE also announced that its Board of Directors has authorized the management of the Company to prepare a comprehensive operational and strategic plan for the separation of the Company's Fiber Optics and Photovoltaic businesses into separate corporations. Mr. Richards stated, "We are excited to be taking the first steps in this process, which we believe allows us to maximize the potential of both our business segments. We will be working closely with investment, accounting and legal advisors over the coming months to develop a structure for this separation that will maximize operating efficiencies as well as maximizing shareholder value." |
