Naperville, Ill.-based Tellabs is about to lose a CFO, and neighboring Aurora, Ill.-based Westell Technologies is gaining one.
According to Tellabs, "acting" Chief Financial Officer Tom Minichiello is resigning from the company on July 12 to become the permanent CFO of Westell. Tellabs said in a statement that it is already searching for a replacement.
As for Westell, at the same time as it announced its new hire, the company made a filing with the SEC detailing the compensation it intends to pay Minichiello. In addition to a $300,000 annual base salary, Minichiello will receive:
- An annual bonus targeting 60% of his base salary.
- 250,000 restricted stock units vesting over four years.
- 90,000 stock options, likewise vesting over four years.
- Performance stock units targeted at 40,000, but ranging in size from 0% to 200% of that number, depending on how Westell performs during Minichiello's tenure from 2014 to 2017.
Westell noted further than Minichiello will officially become its new CFO on July 16.
The article Tellabs Loses a CFO; Westell Gains One originally appeared on Fool.com.Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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