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Finisar CEO Gets Chairman Post

Jerry Rawls takes over the chairman's post from founder Frank Levinson.
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(FNSR) - Get Finisar Corporation Report

named its CEO, Jerry Rawls, to an added chairman's post.

The company said it wouldn't fill the chief technical officer job being vacated by one of its founders, Frank Levinson. Levinson gave up his chairman's title Tuesday but said he will stay on the board and continue as a consultant.

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"I congratulate Jerry and wish him every success in his expanded role," said Levinson. "Finisar continues to make important progress and, with the management depth and talent we have now assembled, it was clear that it was not necessary for me to be involved in the day-to-day direction of the company's R&D efforts. As I move off to pursue philanthropic and technical projects unrelated to optical communications, I will continue to be active at Finisar as a director and technical consultant. I expect to contribute to and celebrate its ongoing success."

Finisar said its optics research and development effort is being led by Anders Olsson, senior vice president of engineering, who joined Finisar in January 2004.

The fiber optic networking-parts maker reached a 52-week high last month of $2.38, but the industry is still reeling from the telecom collapse and demand for optical gear has yet to recover.

Finisar posted a net loss of $105 million on $316 million in revenue over the past 12 months.

Shares of the Sunnyvale, Calif., tech shop closed up a dime at $2.15 Thursday.