Who is the new Chief Financial Officer of Lumentum Holdings Inc.?

Wajid Ali has been appointed as the new Chief Financial Officer of Lumentum Holdings Inc., effective February 11, 2019. He replaces Christopher Coldren, who served as Interim CFO.

What is the compensation package for the new CFO, Wajid Ali?

Mr. Ali will receive an annual base salary of $500,000, a target annual bonus of 80% of his base salary (with a minimum of $250,000 for H2 FY19), and significant equity awards (RSUs and performance units) with an initial grant value and a potential additional award of $2.875 million subject to board approval. He also receives a $1,000,000 sign-on bonus with repayment conditions.

What are the severance benefits for the new CFO in case of termination or a change in control?

Mr. Ali is eligible for severance benefits under the Company's Change in Control Plan. This includes cash severance (9 or 24 months of base salary), COBRA premium reimbursement (9 or 12 months), and accelerated vesting of equity awards. The benefits vary based on whether the termination occurs with cause, without cause, for good reason, and if it is related to a change in control, with enhanced benefits if termination occurs within a specific window around a change in control announcement.

Does Wajid Ali have any prior experience relevant to his new role?

Yes, Wajid Ali has extensive financial experience. He most recently served as Senior Vice President and Chief Financial Officer of Synaptics Incorporated. Prior to that, he held Vice President roles in finance and controller positions at Teledyne Technologies and its subsidiaries, including Chief Financial Officer of Teledyne DALSA.

LITE 8-K: Leadership Changes

Summary

Lumentum Holdings Inc. (LITE) announced a significant leadership change in its finance department via an 8-K filing on February 8, 2019. The company appointed Wajid Ali as its new Chief Financial Officer (CFO), effective February 11, 2019. Mr. Ali brings extensive financial experience, having most recently served as Senior Vice President and CFO of Synaptics Incorporated and previously holding senior finance roles at Teledyne Technologies and its subsidiaries. This appointment is accompanied by a comprehensive compensation package designed to attract and retain Mr. Ali, including a base salary of $500,000, a target annual bonus, and substantial equity awards comprising restricted stock units (RSUs) and performance stock units. The package also includes a notable sign-on bonus and detailed severance provisions, particularly in the event of a change in control, signaling the company's commitment to securing experienced financial leadership during a period of potential strategic importance.

Key Highlights

1Appointment of Wajid Ali as Chief Financial Officer (CFO), effective February 11, 2019.
2Mr. Ali brings prior CFO experience from Synaptics Incorporated and other senior finance roles at Teledyne Technologies.
3New CFO will receive an annual base salary of $500,000.
4Annual target incentive bonus is set at 80% of base salary, with a minimum of $250,000 for the second half of fiscal year 2019.
5Significant equity awards, including RSUs and performance stock units, totaling approximately $3.1 million in initial grant value (excluding the $2.875M potential award pending board approval).
6A $1,000,000 sign-on bonus is provided, with repayment clauses contingent on employment termination within the first two years.
7Comprehensive change-in-control and severance provisions are outlined, including cash severance and accelerated equity vesting based on termination circumstances and timing relative to a change in control.

Lumentum Holdings Inc. 8-K Report, Executive Changes (Feb 8, 2019)

Summary

Key Highlights

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