EXHIBIT 99.1
AVANEX NAMES NEW CEO
FREMONT, Calif., Aug 9, 2004 /PRNewswire-FirstCall via COMTEX/ -- Avanex
Corporation (Nasdaq: AVNX), pioneer of photonic processors that enable
next-generation optical networks, announced today that it has named Jo Major as
President and Chief Executive Officer of the Company, effective August 18, 2004.
In his new role, Major succeeds Walter Alessandrini, who has served as the
Company's Chairman, President and CEO since November 2002. Alessandrini will
continue as Chairman of the Board of Directors of the Company, and Major will
also join the Avanex Board.
Major is a 15-year optical communications veteran with a demonstrated track
record of identifying and realizing optical networking growth opportunities. He
has an extensive record of accomplishment in the optical components industry,
having most recently held the position of Senior Vice President and General
Manager of the Components Business Group of JDS Uniphase, which he joined in
2001. Prior to joining JDS Uniphase, Major was Vice President of Optical Pump
Business Unit at SDL, Inc.
In making today's announcement, Alessandrini noted that Major's addition to the
Avanex management team comes at a time when the optical industry is poised for
its next stage of growth. "Dr. Major has the experience and understanding to
help Avanex take full advantage of its industry-leading position in addressing
the growing opportunities in this industry, and turning Avanex into a profitable
company."
Alessandrini continued, "Now is the time for me to step aside and pass
the active daily leadership of Avanex to someone whom I am convinced will lead
Avanex to even greater success. With Dr. Major, we have the right person in the
right place at the right time. He will make a significant contribution to an
already strong management team."
In November 2002, Alessandrini was requested by the Avanex Board of Directors to
come out of retirement to reassume the roles of President and CEO. Since then,
he has reshaped Avanex with the acquisitions of the optical components
businesses of Corning and Alcatel Optronics and the optical transmission
business of Vitesse. As a result, Avanex has significantly enhanced its
competitive position with leading OEMs and carriers worldwide, establishing a
clear position as one of the top-tier optical solution companies.
Major noted, "I am very excited about the opportunity to lead Avanex at this
time. Walter has been instrumental in advancing Avanex into a broad-based
supplier for the optical markets and absolutely passionate about providing for a
good transition and ongoing support from his role as Chairman. I am committed to
helping the company accelerate its plan to profitability, become the clear
number two player in the industry, enhance our ability to anticipate and exceed
customer needs, improve the company's cost structure, increase our operational
efficiency, and make Avanex the best place in the industry to work."
Dr. Major earned his Ph.D., M.S. and B.S. in electrical engineering from the
University of Illinois at Urbana. He was an Intel Fellow from 1988-1990, and has
also studied finance, marketing and business management at Stanford University.
About Avanex
Avanex Corporation is a leading global provider of Intelligent Photonic
Solutions(TM) to meet the needs of fiber optic communications networks for
greater capacity, longer distance transmissions, improved connectivity, higher
speeds and lower costs. These solutions enable or enhance optical wavelength
multiplexing, dispersion management, switching and routing, transmission,
amplification and monitoring and include network-managed subsystems. Avanex was
incorporated in 1997 and is headquartered in Fremont, California. Avanex also
maintains facilities in Erwin Park, N.Y., Nozay, France, and San Donato, Italy.
The facilities also are home to Avanex's Centers of Excellence for specialized
research and manufacturing. To learn more about Avanex, visit our Website at:
http://www.avanex.com.
Forward-looking Statements This press release contains forward-looking
statements including forward- looking statements regarding potential growth in
the optical industry and Avanex's competitive position. Actual results could
differ materially from those projected in or contemplated by the forward-looking
statements. Factors that could cause actual results to differ include general
economic conditions, the pace of spending and timing of economic recovery in the
telecommunications industry and in particular the optical networks industry, the
company's inability to sufficiently anticipate market needs and develop products
and product enhancements that achieve market acceptance, problems or delays in
integrating the businesses acquired from Alcatel, Corning and Vitesse
Semiconductor, or in reducing the cost structure of the combined company, the
company's inability to achieve the anticipated benefits of the acquired
businesses, any slowdown or deferral of new orders for our products, higher than
anticipated expenses the company may incur in future quarters or the inability
to identify expenses which can be eliminated. In addition, please refer to the
risk factors contained in the company's SEC filings including the company's
Quarterly Report on Form 10-Q and the Registration Statements on Form S-3 filed
with the SEC on July 16, 2004.
Avanex assumes no obligation and does not intend to update any forward- looking
statements, whether as a result of new information, future events or otherwise.
CONTACT INFORMATION:
Investor Relations Media
Mark Weinswig Tony Florence
Phone: 510-897-4344 Phone: 510-897-4162
Fax: 510-897-4345 Fax: 510-979-0198
e-mail: mark_weinswig@avanex.com e-mail: tony_florence@avanex.com