JDSU to split into 'Lumentum' and 'Viavi'
JDSU has announced that the spinoff of its communications and commercial optical products (CCOP) business, announced in September 2014, will be named Lumentum. JDSU's network enablement, service enablement and optical security and performance products businesses will be renamed Viavi Solutions at the time of the separation.
The company has also announced that Rex Jackson, chief financial officer, will depart JDSU September 30, 2015, following the expected completion of the spinoff and necessary fiscal year-end filings.
"Each company will remain committed to continued innovation, and will be led by proven management teams prepared to execute growth strategies designed to help our customers successfully manage the complex opportunities that come with the ever-accelerating pace of technological change. We are creating two unique brands "“ both representing well-established expertise and market leadership "“ and positioning them with greater customer focus and agility," said Tom Waechter, president and chief executive officer of JDSUAccording to JDSU, the Lumentum brand reflects CCOP's recognised leadership in optical technologies, commitment to driving innovation, and its ability to effectively address its customers' unique requirements while scaling with quality through well-established technological and operational expertise. JDSU will distribute the shares of Lumentum common stock on a pro rata basis to JDSU stockholders in a manner intended to be tax-free for US federal income tax purposes. Lumentum intends to apply to list its common stock on the Nasdaq Stock Market under the ticker LITE.Lumentum will focus on optical components and subsystems for the telecommunications market, with high growth opportunities in data communications, driven by the rapid expansion of cloud networking and data centre infrastructure, and in high performance lasers for both macro and micro materials processing applications. Lumentum will also be focused on growing its 3D sensing and commercial lasers business and expanding into other market segments that can benefit from optical and laser technologies.
Alan Lowe will lead Lumentum as chief executive officer. He joined JDSU in September 2007 as senior vice president of the Lasers business and became president of JDSU's newly formed CCOP business segment in 2008, which combined JDSU's Optical Communications and Lasers businesses. He led the transformation of the combined business by focusing on the customer, investing in market-leading innovation and streamlining and improving operational execution.
Aaron Tachibana will be Lumentum's chief financial officer. He joined JDSU in November 2013 as vice president of finance and corporate controller, responsible for driving financial close process improvements, enhancing organisational performance and reducing operating expenses. Prior to JDSU, he was chief financial officer at Pericom Semiconductor Corporation (NASDAQ: PSEM).
According to JDSU, Viavi moves forward with a track record of successful collaboration with service providers and enterprises worldwide through periods of intense network transformation. The company has an industry-leading ability to provide solutions for end-to-end network and application visibility from a portfolio of instruments, software and services. These solutions address its customers' need to profitably scale to meet the demands of the fast-growing volume of connected devices and applications, and to transition to virtualised, software-based networks.
Viavi's optical security and performance business is a leader in anti-counterfeiting solutions for currency authentication and high-value optical components and instruments for security, safety, electronics and other applications.
Tom Waechter, JDSU's current president and chief executive officer, will continue to lead Viavi. He became president and chief executive officer of JDSU in January 2009 and successfully executed a strategy to enhance investment in market-based innovation. He joined JDSU as president of Communications Test and Measurement (the predecessor to JDSU's NE business) in October 2007.
