01—Abstract
Summary
Summary of the 8-K filed May 28, 2009. Cited figures are marked; the original filing is the authoritative source.
Ciena Corporation (CIEN) announced on May 28, 2009, via Form 8-K, the appointment of Patrick T.
Gallagher to its Board of Directors, effective May 27, 2009. This action increases the size of the Board to nine directors. Mr. Gallagher, 54, brings extensive experience in the telecommunications and technology sectors, having held leadership positions at companies such as BT Group plc, FLAG Telecom Ltd., and serving as Chairman of Ubiquisys Ltd. Mr. Gallagher has also been appointed to Ciena's Audit Committee.
His appointment is part of a broader strategy to enhance board expertise. As compensation for his directorship, Mr. Gallagher was granted a restricted stock unit award for 7,688 shares, vesting over three years, and will receive standard director compensation. This move suggests a focus on strengthening governance and leveraging industry expertise within the company's leadership.
02—Key points
Key Highlights
- Ciena Corporation appointed Patrick T. Gallagher to its Board of Directors.
- The Board size was increased to nine directors.
- Mr. Gallagher brings significant experience from leadership roles in telecommunications and technology companies.
- He has been appointed as a member of the Audit Committee.
- Mr. Gallagher was granted 7,688 restricted stock units, vesting over three years.
- The appointment is effective May 27, 2009, with the filing date of May 28, 2009.
03—Questions
Frequently Asked Questions
Who is Patrick T. Gallagher and what is his background?
Patrick T. Gallagher is a 54-year-old executive with extensive experience in the telecommunications and technology industries. His background includes leadership roles at BT Group plc, FLAG Telecom Ltd., and Chairman of Ubiquisys Ltd. He has also held positions at Macro 4 Plc, Golden Telecom Inc., Getronics NV, and served as Executive Vice Chairman and CEO of FLAG Telecom Ltd.
What is the significance of Mr. Gallagher's appointment to the Board of Directors?
The appointment of Mr. Gallagher to the Board of Directors increases its size and brings a wealth of industry experience to Ciena's strategic direction and governance. His appointment to the Audit Committee specifically enhances the oversight of financial reporting and internal controls.
How is Mr. Gallagher being compensated for his role on the Board?
Mr. Gallagher is compensated in line with Ciena's standard non-employee director program. This includes a restricted stock unit award of 7,688 shares, which will vest over a three-year period, and eligibility for standard cash compensation, including retainers and meeting fees, as detailed in Ciena's proxy statement.
When does Mr. Gallagher's directorship officially begin and what is the timeline for his election?
Mr. Gallagher was appointed to the Board on May 27, 2009. While he will serve immediately, he is required to stand for election by shareholders at the 2010 annual meeting to serve the remainder of the Class III director term, which expires in 2012.
04—Continue