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Avanexundefined says it has found a finance chief to replace its acting CFO.

Cal Hoagland will take the top bookkeeping job at the Fremont, Calif., optical parts-making shop. He replaces Tony Riley, who had held the job since September. Riley stays on as vice president of finance.

Hoagland has been an accounting consultant and has held several chief finance jobs prior to his Avanex appointment. He began his career as an accountant with Coopers Lybrand. Riley stepped into the CFO job when Dick Yonker quit last fall.

"Cal's appointment further strengthens the executive management team at Avanex and we are excited to have him on board," CEO Jo Major said in a press release Wednesday.

Avanex has never had a profit, and in the most recent 12-month period it posted a net loss of $97 million on $160 million in sales.

Avanex shares rose 2 cents to $2.88 in after-hours trading Wednesday.