8-KEarnings & ResultsLeadership ChangesExhibits & Filings

CIENA CORP 8-K Report, Financial Results (Dec 13, 2007)

Filed December 13, 2007For Securities:CIEN

Summary

Ciena Corporation (CIEN) filed an 8-K on December 13, 2007, primarily to announce its financial results for the fourth fiscal quarter and full fiscal year ended October 31, 2007. The accompanying press release, furnished as an exhibit, is the key information for investors regarding the company's performance. This filing also disclosed a significant executive appointment. Specifically, Ciena appointed James E. Moylan, Jr. as Senior Vice President and Chief Financial Officer Designate, effective December 10, 2007. He is set to officially assume the CFO role following the company's 10-K filing. The details of Mr. Moylan's compensation package, including his salary, bonus potential, signing bonus, relocation assistance, and severance agreement, are also provided, offering insight into the company's investment in its financial leadership. Investors should review the press release for detailed financial performance metrics.

Key Highlights

  • 1Announcement of Q4 and Full Year Fiscal 2007 Financial Results via press release (Exhibit 99.1).
  • 2Appointment of James E. Moylan, Jr. as Senior Vice President and Chief Financial Officer Designate, effective December 10, 2007.
  • 3Mr. Moylan's compensation package includes an annual salary of $385,000.
  • 4Eligibility for a target bonus of up to 75% of base salary, contingent on corporate and functional performance goals.
  • 5A signing bonus of $150,000 and relocation expenses reimbursement up to $200,000 are part of Mr. Moylan's initial package.
  • 6Mr. Moylan is subject to repayment clauses for the signing bonus and relocation if he voluntarily terminates within one year.
  • 7Details of a standard executive change in control severance agreement for Mr. Moylan are outlined.

Frequently Asked Questions

This 8-K filing primarily announces Ciena Corporation's financial results for its fourth fiscal quarter and full fiscal year ended October 31, 2007, as detailed in an accompanying press release. It also reports the appointment of James E. Moylan, Jr. as Senior Vice President and Chief Financial Officer Designate.

The new Chief Financial Officer Designate is James E. Moylan, Jr. He will officially assume the role of Chief Financial Officer from Mr. Chinnici after Ciena Corporation files its Annual Report on Form 10-K.

Mr. Moylan will receive an annual salary of $385,000, with eligibility for a target bonus of up to 75% of his base salary. He also received a $150,000 signing bonus and is eligible for reimbursement of relocation expenses not exceeding $200,000. These bonuses and relocation benefits are subject to repayment if he voluntarily resigns within one year.

Mr. Moylan is party to Ciena's standard executive change in control severance agreement. This agreement provides for severance benefits, including 12 months of salary and benefits continuation and acceleration of 50% of unvested equity awards, if his employment is terminated by Ciena without 'cause' or by him for 'good reason' within one year following a 'change in control'.