Summary
Lumentum Holdings Inc. (LITE) filed an 8-K on June 8, 2018, to announce a significant executive transition. The company's Chief Financial Officer, Aaron Tachibana, will be departing effective August 31, 2018. During the search for a permanent replacement, Christopher Coldren, previously VP of Strategy and Corporate Development, has been appointed as Senior Vice President, Interim Chief Financial Officer. Matthew Sepe, Corporate Controller, has been appointed as Chief Accounting Officer. This filing also details the compensation adjustments and equity grants for both Mr. Coldren and Mr. Sepe in their new roles. Additionally, it outlines the terms of Mr. Tachibana's departure, including a transition period and the benefits he will receive under a Separation and Release Agreement, contingent upon signing and not revoking the agreement. The report highlights the company's proactive approach to leadership changes and financial oversight.
Key Highlights
- 1Lumentum announced the departure of CFO Aaron Tachibana, effective August 31, 2018.
- 2Christopher Coldren appointed as Senior Vice President, Interim Chief Financial Officer.
- 3Matthew Sepe appointed as Chief Accounting Officer.
- 4Mr. Coldren's base salary increased to $340,000 and target incentive bonus to 60%, with additional RSU grants.
- 5Mr. Sepe's base salary increased to $280,000 and received an RSU grant.
- 6Mr. Tachibana will receive severance benefits, including equity vesting acceleration, salary continuation, and COBRA premium reimbursement, under a separation agreement.
- 7The company is actively searching for a new Chief Financial Officer.