Sunday, July 6, 2008

Avanex Fires its President and CEO, CFO Resigns

Citing an inability to work together effectively, the Board of Directors of Avanex Corporation has terminated Dr. Jo Major from his position as President and Chief Executive Officer. In addition, Avanex announced the resignation of Ms. Marla Sanchez from her position as Senior Vice President and Chief Financial Officer.

Avanex also announced the appointment of Dr. Giovanni Barbarossa as Interim Chief Executive Officer. Dr. Barbarossa has worked at Avanex since February 2000 and has served as Senior Vice President and Chief Technology Officer since May 2002. Previously he ran the Active Component Business Unit.

The company reconfirmed its fiscal fourth quarter revenue guidance of between $50.0 million and $53.0 million, noting that the departure of Dr. Major and Ms. Sanchez is not related to the company's operational performance or financial condition. In addition, the company anticipates positive cash flow for its fiscal fourth quarter.


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