Source/Type: CompoundSemi Online -- Compound Semiconductor Supply Chain News - Reported News

Emcore Makes Executive Changes; Authorizes Preparation of Photovoltaic/Fiber Optic Split Plan
Author: CompoundSemi News Staff

April 7, 2008... Emcore Corporation, a company based in Albuquerque, New Mexico USA, announced that its board had elected a new chairman and CEO, and also authorized planning for a separation of its two business lines. The company noted that its leadership succession will take place as it was announced two years ago. As part of the succession plan, Reuben Richards was elected to the newly-created position of Executive Chairman. Dr. Thomas Russell, who was previously chairman of the board of directors, will reportedly remain on the board as chairman emeritus. Also pursuant to that succession plan, Dr. Hong Hou, currently the Company's president and chief operating officer, will become chief executive officer and will continue to report to Mr. Richards. The company noted that both Mr. Richards and Dr. Hou will take active roles in various aspects of running the company. The company also announced that Thomas Werthan, one of the members of its board of directors, had tendered his resignation.

Emcore also reported that its board authorized the company’s management to prepare a operational and strategic plan for the separation of the Company's Fiber Optics and Photovoltaic businesses into separate corporations. Mr. Richards stated, "We are excited to be taking the first steps in this process, which we believe allows us to maximize the potential of both our business segments. We will be working closely with investment, accounting and legal advisors over the coming months to develop a structure for this separation that will maximize operating efficiencies as well as maximizing shareholder value." Company News Release

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