01—Abstract
Summary
Summary of the 8-K filed April 12, 2018. Cited figures are marked; the original filing is the authoritative source.
CIENA CORP (CIEN) filed an 8-K on April 12, 2018, primarily to report the passing of a Board of Directors member, Harvey B.
Cash. The company's Board of Directors has acted to reduce its size from ten to nine members, effective immediately, in response to this vacancy. This change will specifically impact the Class II directors up for election in 2020, reducing their number from four to three.
While this event is primarily procedural, it is important for investors to note the Board's intention to continue with its refreshment efforts and the expectation to add a new independent director in 2018. This suggests an ongoing focus on board composition and governance, even amidst this unfortunate personnel change.
02—Key points
Key Highlights
- Ciena Corporation announced the death of Board of Directors member, Harvey B. Cash, on April 12, 2018.
- The Board of Directors has reduced its size from ten to nine directors, effective immediately.
- The reduction in board size is a direct consequence of the vacancy left by Mr. Cash's passing.
- The number of directors in Class II standing for election in 2020 will decrease from four to three.
- Ciena's other Board classes will continue to have three directors each.
- The company intends to continue its board refreshment efforts.
- Ciena expects to add a new independent director in 2018.
03—Questions
Frequently Asked Questions
What is the main reason for this 8-K filing?
The primary reason for this 8-K filing is to officially report the death of Ciena Corporation's Board of Directors member, Harvey B. Cash, and to announce the subsequent reduction in the size of the Board.
How does the reduction in Board size affect future elections?
The reduction from ten to nine directors will specifically decrease the number of Class II directors up for election at the 2020 annual meeting of stockholders from four to three.
Will Ciena be adding new directors?
Yes, the filing states that Ciena intends to continue its board refreshment efforts and expects to add a new independent director in 2018.
Is there any impact on the company's financial performance mentioned in this filing?
No, this 8-K filing is procedural and relates to a change in the Board of Directors. It does not contain any information about Ciena's financial performance, results, or outlook.
04—Continue