The pending separation of JDSU into two separate publicly traded companies took another stride towards the finishing line.
JDSU has revealed the expected composition of the boards of directors for Lumentum Holdings, Inc. and Viavi Solutions, Inc. the two companies that will result from the previously announced spin-off of JDSU’s communications and commercial optical products (CCOP) business (see Divide and conquer: JDSU to split into Viavi and Lumentum).
“Today’s announcement is another important milestone toward the completion of the separation of JDSU into two public companies. Both Lumentum and Viavi Solutions will have strong leadership and proven board and management teams, positioning them to deliver on their strategies and create value for their shareholders,” said Tom Waechter, president and chief executive officer of JDSU.
In addition to the existing JDSU board members, the company plans to appoint members from outside of the company to deepen the collective expertise of both boards.
The new pure-play optical components company, Lumentum, expects to appoint Brian Lillie, CIO of Equinix, to its board. Lillie has extensive technology management experience in the data centre and telecom industries that will be key markets for Lumentum.
Lumentum will also add Samuel Thomas, CEO of Chart Industries, Inc., who has significant knowledge related to manufacturing and welding that will complement Lumentum’s rapidly-growing laser business.
Also on the board is, of course, Alan Lowe, current president of JDSU’s CCOP business since 2008 and executive vice president of JDSU, and the CEO-designate of Lumentum.
Viavi, the company that will focus on test and measurement and service enablement, will be led by Waechter.
Viavi expects to add Pamela Strayer, chief financial officer at Plantronics, to its board. Strayer was named “CFO of the Year” by Silicon Valley Business Journal in 2014 and will bring extensive financial expertise to the board. She will also serve as chairperson of the audit committee.
JDSU also revealed that Lumentum has applied to trade on the NASDAQ exchange under the ticker symbol LITE while Viavi will trade on the NASDAQ exchange under the ticker symbol VIAV.
The separation is on track for completion within the third calendar quarter of 2015.