According to Tellabs, "acting" Chief Financial Officer Tom Minichiello is resigning from the company on July 12 to become the permanent CFO of Westell. Tellabs said in a statement that it is already searching for a replacement.
As for Westell, at the same time as it announced its new hire, the company made a filing with the SEC detailing the compensation it intends to pay Minichiello. In addition to a $300,000 annual base salary, Minichiello will receive:
- An annual bonus targeting 60% of his base salary.
- 250,000 restricted stock units vesting over four years.
- 90,000 stock options, likewise vesting over four years.
- Performance stock units targeted at 40,000, but ranging in size from 0% to 200% of that number, depending on how Westell performs during Minichiello's tenure from 2014 to 2017.
Westell noted further than Minichiello will officially become its new CFO on July 16.