Krish A. Prabhu, Tellabs president, CEO and member of the Board, announced plans to resign from these positions by March 1, 2008. The company has launched a search for a successor.
Separately, the Tellabs Board of Directors authorized an additional $600 million for the company’s common stock repurchase program, in addition to a remaining $176.1 million under a repurchase program authorized in July 2006. Together, the authorizations cover about 22% of Tellabs shares outstanding. Tellabs plans to use about half of its nearly $1.4 billion in cash, cash equivalents and marketable securities for the program.
http://www.tellabs.com
- Krish Prabhu was appointed president and CEO of Tellabs in March 2004. Michael J. Birck, a company founder and CEO of Tellabs for 27 of its 29 year history, continues as chairman of the board. Prabhu previously served as chief operating officer of Alcatel Telecom and CEO of Alcatel USA. Prabhu began his telecommunications career in 1980 with AT&T’s Bell Laboratories as a member of the technical staff.