JULY 8, 2008 -- Avanex Corp. (search for Avanex) recently announced the termination of Jo Major from his position as president and CEO, as well as his resignation from the board of directors, citing "the inability of Dr. Major and the Board of Directors to work together effectively." The company also announced the resignation of Marla Sanchez from her position as senior vice president and CFO.
According to Avanex's statement, the departures of Major and Sanchez are unrelated to the company's operational performance or financial condition. The company is reconfirming its fiscal fourth quarter revenue guidance of between $50.0 million and $53.0 million. In addition, it anticipates positive cash flow for its fiscal fourth quarter.
Avanex says it has appointed Giovanni Barbarossa as interim CEO. Barbarossa has worked at Avanex since February 2000 and has served as senior vice president and CTO since May 2002. Previously he ran the Active Component Business Unit. Barbarossa joined Avanex prior to its initial public offering and has been a member of the executive team for more than six years.
The board has begun a CEO and CFO search. Paul Smith, a current member of the board, has also been appointed as non-executive chairman.
"I would like to thank Jo, on behalf of our board of directors, for his contributions in taking the company through a difficult transition period over the last several years. We look forward to continuing the solid execution of the company's strategy," said Smith.
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