01—Abstract
Summary
Summary of the 8-K filed October 18, 2018. Cited figures are marked; the original filing is the authoritative source.
Ciena Corporation (CIEN) has announced a change to its Board of Directors through an 8-K filing dated October 18, 2018.
Effective October 16, 2018, the company expanded its Board to nine members with the appointment of Joanne B. Olsen. Ms. Olsen brings extensive experience from her previous executive roles at Oracle, particularly in global cloud services and support, and a long tenure at IBM in various management positions.
Ms. Olsen has been appointed to serve on both the Compensation Committee and the Governance and Nominations Committee. As part of her onboarding, she will receive a restricted stock unit award valued at approximately $92,600,a which will vest in December 2019, subject to continued service. This appointment is aimed at leveraging her expertise in technology and corporate governance to support Ciena's strategic direction.
02—Key points
Key Highlights
- Ciena Corporation's Board of Directors has been expanded to nine members.
- Joanne B. Olsen was appointed as a new Class II director, effective October 16, 2018.
- Ms. Olsen's tenure on the Board will require her to stand for election at the 2019 Annual Meeting.
- She brings significant experience from leadership roles at Oracle (Global Cloud Services and Support) and IBM.
- Ms. Olsen has been appointed to the Compensation Committee and the Governance and Nominations Committee.
- A restricted stock unit award of approximately $92,600 has been granted to Ms. Olsen, vesting on December 20, 2019.
- The appointment is detailed in a press release furnished as Exhibit 99.1.
03—Questions
Frequently Asked Questions
Who is Joanne B. Olsen and what is her background?
Joanne B. Olsen is a new director appointed to Ciena's Board. She is 60 years old and has a strong background in the technology sector. Most recently, she served as Executive Vice President of Global Cloud Services and Support at Oracle until her retirement in August 2017. Prior to Oracle, she had a career of over three decades at IBM in various executive management roles.
What role will Ms. Olsen play on Ciena's Board?
Ms. Olsen has been appointed as a Class II director and will serve on both the Compensation Committee and the Governance and Nominations Committee of Ciena's Board. Her expertise in cloud services and corporate leadership is expected to contribute to the company's strategic oversight.
What compensation will Ms. Olsen receive for her board service?
Effective November 1, 2018, Ms. Olsen will receive a restricted stock unit award with a target value of approximately $92,600. This award will vest in its entirety on December 20, 2019, provided she continues her service on the Board. She will also receive standard compensation for non-employee directors as outlined in Ciena's proxy statement.
When will Ms. Olsen's directorship be subject to shareholder approval?
While appointed by the Board in October 2018, Ms. Olsen will stand for election by shareholders at the 2019 Annual Meeting to serve the remainder of the Class II term.
04—Continue