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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