Anania leaves Bookham
FEBRUARY 15, 2007 -- Giorgio Anania's turbulent and at times controversial tenure at Bookham Inc. has ended. Dr. Peter Bordui, the company's current non-executive chairman of the board of directors, has taken his place for the interim.
FEBRUARY 15, 2007 -- Giorgio Anania's turbulent and at times controversial tenure at Bookham Inc. (search for Bookham) has ended. The company announced Anania will step down from his position as Bookham's president and CEO as well as resign his seat on the company's board of directors, effective immediately. Dr. Peter Bordui, the company's current non-executive chairman of the board of directors, has assumed the position of interim president and CEO.
The announcement stated that the decision was "mutually agreed" to between Anania and the board.
"We thank Giorgio for his hard work and dedication to Bookham over the past eight years," said Dr. Bordui in a press statement. "Under Giorgio's leadership, the company completed its IPO and successfully transitioned from being a niche supplier of silicon photonics to a leading supplier of telecom optical components, having acquired and integrated a number of companies and significantly increasing Bookham's market share. We are grateful for his efforts and wish Giorgio every success in the future."
"I enjoyed the opportunity to lead Bookham during this important stage of the company's development," said Anania. "It has been an honor for me to work with the many talented people throughout the organization, notwithstanding all the difficult periods we have lived through together in these last few years. I believe Bookham has tremendous potential and I wish the company much success in the years ahead."
The decision to oust Anania came in the wake of Bookham's recent 2Q07 earnings announcement. The $56.3 million in revenue was less than both the previous quarter and 2Q06. The company's GAAP net loss was $0.31 a share. The 15% gross margins for the quarter also were behind those of the previous quarter (17%) and well below that of 2Q06 (27%).
"During this important transition period and beyond, the company's priority is to execute on the stated overhead cost reduction plans and achieve sustained profitability," Bordui continued. "We on the board of directors are committed to working with the Bookham team to build on the company's operational excellence and strong market position."
Bordui has more than 15 years of senior-level management experience in the optical components industry. He has served as a director at Bookham since September 2004 and was appointed chairman in February 2005. Prior to joining Bookham, he served on the board of directors of New Focus, which was acquired by Bookham in 2004.