More than five months after announcing plans to split itself into two companies, JDSU announced Thursday the brands that will grace those firms, which are poised to become independent, publicly traded companies.
JDSU said it will spin off its CCOP (Communications and Commercial Optical Products) unit as Lumentum Holdings, intending for it to trade under the “LITE” ticker on Nasdaq. Alan Lowe will serve as Lumentum’s CEO, and Aaron Tachibana will serve as CFO.
JDSU’s Network Enablement, Service Enablement and Optical Security and Performance Products businesses will be renamed Viavi Solutions Inc. upon the separation. Tom Waechter, JDSU’s current president and chief executive officer, will continue to lead Viavi.
JDSU, which sells test and measurement gear to cable operators, aims to complete the spinoff by the third quarter of 2015.
The company also announced that JDSU CFO Rex Jackson will depart the company on Sept. 30, 2015, following the expected completion of the spinoff.
We are creating two unique brands – both representing well-established expertise and market leadership – and positioning them with greater customer focus and agility,” Waechter said, in a statement.
Last fall, JDSU estimated that the decision to split the company would result in combined expense reductions of approximately $50 million.
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