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Bookham Chief Resigns

The news comes as inventory builds.

Bookham's (BKHM) chief is calling it quits.

The San Jose, Calif., optical networking shop said late Thursday that CEO Giorgio Anania has agreed to step down, effective immediately. He will be replaced by the company's nonexecutive chairman, Peter Bordui, on an interim basis.

Bookham's board and Anania "mutually agreed" that he would leave the company and his seat on the board.

The networking parts maker has had a challenging year so far. Earlier this month, Bookham

warned of a major sales shortfall and vowed to start swinging the ax in an "aggressive overhead cost reduction plan."

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The company's outlook was even dimmer. Bookham said it expects more of a drag on sales due to the December expiration of a guaranteed purchase agreement with

Nortel

(NT)

. As a result, Bookham expects an inventory buildup this quarter.

Bookham shares jumped 6 cents to $2.59 in postclose trading Thursday.