Avanex fires CEO, CFO resigns

Fiber-optics company Avanex Corp. said Monday it fired Jo Major from his position as president and chief executive due to his inability to work together effectively with the company's board of directors.

The company said Major also resigned from the board.

Chief Financial Officer Marla Sanchez also resigned, the company added.

Avanex said it appointed Giovanni Barbarossa as interim CEO. Barbarossa has worked as chief technology officer and senior vice president at Avanex since May 2002.

The company said its board has begun a CEO and CFO search and a subcommittee has been established to review potential candidates.

Paul Smith, a current member of the board, has been appointed the non-executive chairman of the board. Smith, CEO of network security company PacketMotion Inc., has served on the board since November 2007.

Avanex also affirmed its fourth quarter revenue guidance for between $50 million and $53 million. Analysts polled by Thomson Financial expect revenue of $52.4 million.

Shares fell 85 cents, or 8.6 percent, to 90 cents in morning trading.