8-KLeadership ChangesExhibits & Filings

CIENA CORP 8-K Report, Executive Changes (Aug 29, 2019)

Filed August 29, 2019For Securities:CIEN

Summary

Ciena Corporation (CIEN) announced on August 29, 2019, a change to its Board of Directors. Effective August 28, 2019, the size of the Board was increased to nine directors with the appointment of Devinder Kumar. Mr. Kumar brings extensive financial leadership experience, having served as Senior Vice President, Chief Financial Officer, and Treasurer of Advanced Micro Devices, Inc. (AMD) since 2013. His appointment to Ciena's Board, specifically to the Audit Committee, suggests a focus on strengthening financial oversight and governance within the company. This appointment is accompanied by a new director compensation package, including a restricted stock unit award with a target value of approximately $121,973, which will vest on September 20, 2020, contingent on continued service. Investors may view this as a positive step towards enhancing board expertise, particularly in financial matters, which can contribute to strategic decision-making and long-term value creation for Ciena.

Key Highlights

  • 1Ciena Corporation appointed Devinder Kumar to its Board of Directors, increasing the board size to nine.
  • 2Mr. Kumar's appointment is effective August 28, 2019.
  • 3Devinder Kumar currently serves as SVP, CFO, and Treasurer at Advanced Micro Devices, Inc. (AMD).
  • 4Mr. Kumar has been appointed to serve on the Audit Committee of Ciena's Board.
  • 5A restricted stock unit award with a target value of approximately $121,973 was granted to Mr. Kumar, vesting on September 20, 2020.
  • 6Mr. Kumar will receive standard non-employee director compensation.

Frequently Asked Questions

Devinder Kumar's appointment is significant because he brings extensive financial expertise, currently serving as CFO and Treasurer of Advanced Micro Devices, Inc. His addition to the Audit Committee suggests a focus on strengthening financial oversight and governance for Ciena.

Mr. Kumar received a restricted stock unit award with a target value of approximately $121,973, which will vest on September 20, 2020, provided he continues his service. He will also receive standard compensation for non-employee directors.

While Mr. Kumar's initial term as a Class I director does not expire until the 2022 Annual Meeting, Ciena's bylaws stipulate that he will stand for election at the 2020 Annual Meeting of stockholders to serve the remainder of the Class I term.