Summary
Lumentum Holdings Inc. (LITE) announced a key executive change in an 8-K filing dated February 16, 2016. The company has promoted Vince Retort, previously Senior Vice President of Research and Development, to the position of Executive Vice President and Chief Operating Officer, effective February 10, 2016. This move signifies a strategic elevation of internal talent within the company's senior leadership team, likely to leverage Mr. Retort's experience in a broader operational capacity. In conjunction with his promotion, Mr. Retort's compensation package has been adjusted. His annual base salary has increased by 10.7% to $415,000, and his target incentive opportunity has been raised to 70% of his base salary, representing a 29.1% increase in the potential bonus payout relative to his previous target. This compensation adjustment reflects the increased responsibilities associated with his new role. Investors should note that Mr. Retort's biographical and compensation details are incorporated by reference from the company's 2015 Form 10-K.
Key Highlights
- 1Vince Retort promoted to Executive Vice President and Chief Operating Officer.
- 2Promotion effective February 10, 2016.
- 3Mr. Retort previously served as Senior Vice President, Research and Development.
- 4Annual base salary increased from $375,000 to $415,000 (10.7% increase).
- 5Target incentive opportunity increased from 60% to 70% of base salary (29.1% increase).
- 6Mr. Retort's biographical and compensation details are incorporated by reference from the 2015 Form 10-K.