Emcore Announces Leadership Changes, Sheds Solar and Telecom Segments
ALHAMBRA, Calif., Dec. 12, 2014 — Emcore Corp. has named a new CEO and let other executives go as it streamlines its business concerns to focus on broadband fiber optics.
The first quarter of Emcore’s fiscal 2015 ends Dec. 31, with a company-predicted net loss of $1 to $2 million. The company projects that revenues from its remaining broadband fiber optics business will be in the range of $17 million to $19 million; that segment generated $14.3 million in revenue in the fourth quarter.
Earlier this week, the company completed the sale of its space photovoltaics division for $150 million to SolAero Technologies Corp, and plans to finalize the sale of its telecommunications business unit to NeoPhotonics next month for $17.5 million. Emcore is also relocating its headquarters from Albuquerque, N.M., to Alhambra.
In addition to restructuring its core business units, Emcore is also restructuring its leadership — Jeffrey Rittichier will take over for Dr. Hong Hou, the current CEO. Other high-level personnel changes include the pending departure of Monica Van Berkel, chief administration officer, and the anticipated departure of general counsel and corporate secretary Alfredo Gomez in February 2015.
In previous roles, Rittichier served as the head of NanoStatics and CEO of Xponent Photonics Inc., as well as vice president and general manager of Lucent’s access business and vice president of marketing at Ortel Corp. He holds a bachelor’s degree in mechanical engineering from Ohio State University and completed the Financial Management Program at Stanford University.
For more information, visit www.emcore.com.