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Following its annual shareholders’ meeting, component and subsystem maker Emcore Corp of Albuquerque, NM, USA says that its board of directors has elected a new chairman and CEO, and authorized planning for a separation of its two business lines (Fiber Optics and Photovoltaics).

Pursuant to a succession plan announced in 2006, Reuben Richards (previously CEO) has been elected to the newly created position of executive chairman. Dr Thomas Russell (previously chairman of the board) remains on the board as chairman emeritus. “Everyone at Emcore is deeply grateful to Russell for his many years of service to the company as its chairman and for his vision, passion, and leadership over this period,” said Richards.

Picture (above): Reuben Richards (previously CEO) has been elected to the newly created position of executive chairman.

Also pursuant to the succession plan, Dr Hong Hou, currently president and chief operating officer, succeeded Richards as CEO and will continue to report to Richards. Richards and Hou will each be active in different aspects of running the company.

Picture (right): Dr Hong Hou succeeds Richards as CEO.

Emcore also announced that Thomas Werthan, members Board, has resigned.

The firm also says that its board has authorized its management to prepare a comprehensive operational and strategic plan for the separation of the Fiber Optics and Photovoltaic businesses into separate corporations. In taking the first steps in this process, Richards believes that the split will allow Emcore to maximize the potential of both 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,” he adds.

See related item:

Emcore’s CPV order boom to drive spin-off

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