Ciena Finance Chief to Depart - TheStreet

Ciena Finance Chief to Depart

Joe Chinnici says he can leave now that the company has returned to a profit.
Author:
Publish date:

With the company's profits at hand and finances fairly stable,

Ciena's

(CIEN) - Get Report

CFO says he's ready to call it quits.

Joe Chinnici plans to step down as finance chief by the end of the year, Ciena said Wednesday. He has been with the company for 12 years.

Ciena swung to a profit late last year, making it one of the few independent optical-networking shops to survive the telecom collapse earlier in the decade.

"With Ciena's return to profitability and steady progress toward a normalized operating model, it is time for me to make the change I've contemplated for some time," said Chinnici, who was the company's finance chief for the past 10 years.

Ciena has begun a search to find a replacement for Chinnici.

"During the last 12 years Joe has helped see Ciena through both positive and challenging times," CEO Gary Smith said in a press release Wednesday. "While he will be missed personally and professionally, I'm confident the strength of his organization and the processes he's put in place will make for a smooth transition to his successor."

Ciena shares fell 11 cents to $28.50 in premarket trading Wednesday.