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A succession plan created in 2006 by EMCORE executives included the appointment of a new company CEO and some executive reshuffles. The board has also authorized the separation of its photovoltaics business from its fiber optics business.
Dr. Hong Hou (pictured), current President and COO, will take the role of CEO. Hou will continue to report to Reuben Richards, who takes up the new role of Executive Chairman, while former Chairman of the Board Dr. Thomas Russell takes up the mantle of Chairman Emeritus.
A further change to the board was the recent departure of Thomas Werthan, who has resigned his seat on the EMCORE board.
The split in EMCORE’s businesses has been authorized by the board, and plans for its execution are expected in the near future.
"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,” said Reuben Richards. “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."
EMCORE is a concentrator PV module manufacturer.
By Síle Mc Mahon
