JDSU reveals names for post-split companies

For those of you wondering which arm of JDSU (NASDAQ: JDSU) would retain the family name once the company bisects in the third quarter of this year, the answer is: neither. In a registration statement on Form 10 with the U.S. Securities and Exchange Commission (SEC), JDSU revealed that the former Communications and Commercial Optical Products (CCOP) business will operate as Lumentum Holdings Inc. The remaining network and service enablement related businesses will carry on under the name Viavi Solutions Inc., JDSU also announced.

"The creation of new brands and the Form 10 filing are important milestones as we move toward separation," said Tom Waechter, president and CEO of JDSU, who will head Viavi after the divide (see "JDSU to split in two" and "JDSU management details split, M&A possibilities"). "Each company will remain committed to continued innovation, and will be led by proven management teams prepared to execute growth strategies designed to help our customers successfully manage the complex opportunities that come with the ever-accelerating pace of technological change. We are creating two unique brands – both representing well-established expertise and market leadership – and positioning them with greater customer focus and agility."

The split will see current JDSU stockholders receive shares of Lumentum common stock on a pro rata basis in way JDSU hopes will prove tax-free. This will leave them with shares of both Lumentum and Viavi. Lumentum's shares will trade on NASDAQ under the ticker "LITE." Current CCOP head Alan Lowe will serve as Lumentum's CEO, while Aaron Tachibana will be Lumentum's CFO. According to the SEC filing, other executives will include Vincent Retort as senior vice president, R&D; Craig Cocchi as senior vice president, operations; and Judy Hamel as general counsel and secretary. All are current JDSU employees.

Space on the Form 10 for a list of Lumentum's board members was left blank.

Viavi, meanwhile, will comprise JDSU's current Network Enablement, Service Enablement, and Optical Security and Performance Products businesses. The brand reflects "the company's ability to deliver the visibility and actionable insight needed to profitably manage the complex transition to next generation networks and services," according to a JDSU press release. ("Lumentum" appears to be a mashup of "lumen" or "luminous" and "momentum.") Viavi shares will also trade on NASDAQ, although the ticker symbol was not announced and does not appear in the Form 10. (For more on the new names, including why "JDSU" will go away, see "Why the JDSU brand will disappear.")

The company also revealed that current CFO Rex Jackson will depart on September 30, following the expected completion of the separation and the filing of Viavi's Annual Report on Form 10-K. A replacement has not been named.

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