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Tellabs Loses a CFO; Westell Gains One

Naperville, Ill.-based Tellabs (NASDAQ: TLAB  ) is about to lose a CFO, and neighboring Aurora, Ill.-based Westell Technologies (NASDAQ: WSTL  ) is gaining one.

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.


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  • Report this Comment On July 09, 2013, at 10:00 AM, Peter405 wrote:

    Love your headlins:

    "

    Tellabs Loses a CFO; Westell Gains One "

    I would have preferred: TLAB loses a high overhead parasite; Westell Gains One"

    There are atleast another 10 highly paid slackers at cash rich, technology rich TLAB; hope Westell picks them up to. These parasites is what is holding this stock way under book value. Which is why Marty Whitman's Third Ave Fund is such a large holder.

    Buy Low and Sell High is his value based mantra.

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Rich Smith
TMFDitty

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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Related Tickers

12/31/1969 7:00 PM
TLAB $0.00 Down +0.00 +0.00%
Tellabs, Inc. CAPS Rating: ***
WSTL $1.22 Up +0.03 +2.52%
Westell Technologi… CAPS Rating: *****

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