- Push-out Score determined
- After about a year and a half in the position
- Responsibilities redistributed
(exechange) — Sunnyvale, California, August 5, 2019 — Michael Hurlston, chief executive of Finisar, leaves. As announced by Finisar Corp. in a news release and in a regulatory filing published on Monday, August 5, 2019, Michael E. Hurlston has left his post as Chief Executive Officer at the supplier of optical communication products after about a year and a half in the role, effective August 3, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.4 years, according to data compiled by exechange. Only 13 percent of the CEOs who departed over the past 12 months left their position within two years, and 23 percent left their position within three years.
Following Michael Hurlston’s departure, the position of Chief Executive Officer will not be filled for the time being. Michael Hurlston’s responsibilities are being redistributed.
Michael Hurlston’s departure from the CEO post is explained as follows. Finisar said that Michael Hurlston “has informed the Board of Directors of his intention to resign his position with the company to pursue another opportunity.”
Hurlston will be CEO at Synaptics
Synaptics Incorporated (NASDAQ: SYNA) announced the appointment of Michael Hurlston as president and chief executive officer.
Hurlston’s appointment is expected to be effective on August 19, 2019.
He is expected to join Synaptics’ Board of Directors on the date of his appointment.
Synaptics announced the move on Monday, August 5, 2019.
Synaptics is a developer of human interface solutions.
Finisar said: “The Board of Directors has accepted Mr. Hurlston’s resignation and it will be effective immediately. Mr. Hurlston was not expected to remain with the company following the completion of the pending acquisition of Finisar by II-VI Incorporated.”
Finisar further said: “On August 3, 2019, the Board of Directors of Finisar Corporation (the “Company”) accepted Michael Hurlston’s resignation as the Chief Executive Officer of the Company and as a member of the Board of Directors of the Company, effective immediately.”
Share price increase since January 2018
The announcement follows an increase in Finisar Corporation’s share price of 6% since January 2018.
Chaired by Robert N. Stephens
Finisar Corporation is chaired by Robert N. Stephens.
Robert N. Stephens joined the Finisar Board of Directors in August 2005. Stephens is the former Chief Executive Officer and President of Adaptec, Inc., a storage solutions provider.
In the position of CEO since 2018
Michael Hurlston became CEO of the Company in January 2018.
Michael Hurlston was appointed Chief Executive Officer and a member of the Board of Directors in 2018.
Prior to joining Finisar, he served as Senior Vice President and General Manager of the Mobile Connectivity Products/Wireless Communications and Connectivity Division at Broadcom Limited.
Previously, he held senior leadership positions in sales, marketing and general management at Broadcom.
Prior to joining Broadcom in 2001, Hurlston held senior marketing and engineering positions at Oren Semiconductor, Inc., Avasem, Integrated Circuit Systems, Micro Power Systems, Exar and IC Works.
Hurlston received a B.S.E.E., an M.S.E.E. and an M.B.A. from the University of California, Davis.
At the time of Michael Hurlston’s appointment as Chief Executive Officer at Finisar, Robert Stephens, Finisar’s Chairman of the Board of Directors, said: “After a thorough and thoughtful search process, we are pleased to welcome Michael Hurlston to Finisar as Chief Executive Officer and a member of the Board of Directors. Michael has broad experience as a highly-successful technology industry executive and we know Michael is the right leader to build on our success and market-leading position.”
At the time of his appointment as Chief Executive Officer at Finisar, Hurlston said: “I am very excited to join Finisar and lead the great company that Jerry [Rawls, Finisar’s co-founder and then outgoing Chief Executive Officer] and his fellow employees have built. Finisar has world-leading products and technology, engineering talent, and manufacturing capabilities and a reputation for excellence in the industry and with its customers. The optical communications and components industry is rapidly advancing and there are many new exciting customer opportunities. I look forward to getting to work.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Finisar and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2019 ($).