SAN JOSE, Calif.--(BUSINESS WIRE)--NeoPhotonics Corporation (NYSE:NPTN), a leading designer and manufacturer of optoelectronic solutions for the highest speed communications networks in telecom and datacenter applications, today announced the appointment of Elizabeth “Beth” Eby as the Company's Senior Vice President and Chief Financial Officer. Beth is replacing Sandra Waechter, Interim Chief Financial Officer, effective immediately.
Beth Eby brings to NeoPhotonics more than 25 years of financial experience at Intel Corporation where she most recently held the position of Vice President of Finance and Group Chief Financial Officer for Intel’s Internet of Things Group. Prior to that she was Vice President of Finance and Group Controller for Corporate Financial Planning & Reporting where she was responsible for all financial, audit committee and SEC reporting. Over the course of her career Ms. Eby also held finance leadership roles related to cost and manufacturing, sales and product planning, including two multi-year assignments in Asia. Ms. Eby obtained a MBA degree from Carnegie Mellon Graduate School of Business and a B.S. in Applied Mathematics from University of Michigan.
"On behalf of the Board and Management I would like to welcome Beth to NeoPhotonics,” said Tim Jenks, Chairman and CEO of NeoPhotonics. “Beth’s experience in the semiconductor industry and deep expertise in running finance organizations with complex, best-in-class global fabrication operations both in the US and in Asia will be an immediate asset to NeoPhotonics. We are looking forward to Beth's contributions to the team as we continue grow and scale our business,” concluded Jenks.
“I am excited to join the team at NeoPhotonics. The acceleration of cloud services environments and proliferation of connected devices in every facet of daily life is driving the need for higher and higher bandwidth and the need for advanced optical networks,” said Beth Eby, Chief Financial Officer of NeoPhotonics. “I look forward to bringing my experience to bear in driving profitable growth at NeoPhotonics,” concluded Eby.
Inducement Plan Equity Awards
In connection with Ms. Eby’s joining the Company as the Company’s new Chief Financial Officer, the Company granted special inducement equity awards to Ms. Eby under the NeoPhotonics 2011 Inducement Award Plan. The Company granted a stock option for 184,500 shares, which option vests 25% on the first anniversary of Ms. Eby’s employment start date and the remainder in thirty-six substantially equal monthly installments thereafter, subject to Ms. Eby’s continued service. The stock option has a ten year term and an exercise price equal to the closing price of NeoPhotonics common stock on the New York Stock Exchange on the date of grant (August 15, 2017). The Company also granted Ms. Eby two restricted stock unit (RSU) award grants. The first RSU grant covers 123,000 shares and vests 25% on each anniversary of Ms. Eby’s employment start date, subject to Ms. Eby’s continued service. The second RSU grant covers 50,000 shares and vests in full upon the one year anniversary of Ms. Eby’s employment start date, subject to Ms. Eby’s continued service. The equity awards were approved by the Compensation Committee of the NeoPhotonics board of directors and were granted as a material inducement to Ms. Eby’s employment with NeoPhotonics.
The NeoPhotonics Board of Directors approved the 2011 Inducement Award Plan based on the employment inducement exemption provided under the NYSE listing standards. As a result, the 2011 Inducement Award Plan did not require shareholder approval, and this press release is being issued pursuant to applicable NYSE guidance.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the following topics: demand for the Company’s high speed products, anticipated growth of the Company’s business, future financial results, and industry trends. Forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially. For discussion of these risks and uncertainties, please refer to the documents the Company files with the SEC from time to time, including the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and its Form 10-Q for the six months ended June 30, 2017. All forward-looking statements are made as of the date of this press release, and the Company disclaims any duty to update such statements.
NeoPhotonics is a leading designer and manufacturer of optoelectronic solutions for the highest speed communications networks in telecom and datacenter applications. The Company’s products enable cost-effective, high-speed data transmission and efficient allocation of bandwidth over communications networks. NeoPhotonics maintains headquarters in San Jose, California and ISO 9001:2000 certified engineering and manufacturing facilities in Silicon Valley (USA), Japan and China. For additional information visit www.neophotonics.com.
©2017 NeoPhotonics Corporation. All rights reserved. NeoPhotonics and the red dot logo are trademarks of NeoPhotonics Corporation. All other marks are the property of their respective owners.