Ciena Announces Lawton W. Fitt as Independent Chair of Board of Directors

Rhea-AI Summary

Ciena (NYSE: CIEN) announced the appointment of Lawton W. Fitt as independent Chair of its Board of Directors, effective December 11, 2024. She succeeds Patrick H. Nettles, Ph.D., who stepped down as Executive Chair and will retire at the 2025 Annual Meeting. Fitt, who has served as a Director since 2000 and chaired Ciena's Audit Committee, brings extensive experience including a 23-year career at Goldman Sachs where she was a partner and managing director. Dr. Nettles, who joined Ciena in 1994, will remain on the board until his retirement, supporting Fitt's transition. He previously served as CEO from 1994 to 2001 and has been Executive Chair since May 2001.

Positive

• Appointment of experienced leader with 24 years of board experience at Ciena
• Smooth leadership transition with outgoing chair remaining until 2025 Annual Meeting
• New chair brings significant financial expertise from Goldman Sachs partnership

Negative

• Loss of long-term executive leadership with Nettles' departure after 30 years
• Potential disruption in board dynamics with change in leadership structure

HANOVER, Md.--(BUSINESS WIRE)-- Ciena^® Corporation (NYSE: CIEN) announced the appointment of Lawton W. Fitt as independent Chair of Ciena's Board of Directors, effective December 11, 2024. Concurrently, Patrick H. Nettles, Ph.D., stepped down as Executive Chair, in connection with his decision not to stand for re-election at the end of his term at Ciena’s 2025 Annual Meeting of Stockholders, at which time he will retire. Dr. Nettles will continue in his role as a member of Ciena’s Board of Directors until that time and provide support to Ms. Fitt in her transition.

Lawton W. Fitt brings significant professional experience as well as a deep familiarity with Ciena's strategy, business, and technology. She has served as a Director of Ciena since November 2000, and as chair of Ciena’s Audit Committee from October 2004 through the end of December 2024. From October 2002 to March 2005, Ms. Fitt served as Director of the Royal Academy of Arts in London. From 1979 to October 2002, Ms. Fitt was an investment banker with Goldman Sachs & Co., where she was a partner from 1994, and a managing director from 1996 to October 2002. Ms. Fitt holds a bachelor of arts degree from Brown University and a M.B.A. degree from the Darden School of Business at the University of Virginia. She also currently serves on the board of directors of The Carlyle Group, L.P. and The Progressive Corporation, and previously of Thomson Reuters.

Ciena President and CEO Gary Smith expressed his enthusiasm and confidence in the appointment of Ms. Fitt as Chair of the Board of Directors, stating: "Lawton is an exceptional leader with broad public company experience, an understanding of growing technology businesses, and a track record of driving growth and delivering shareholder value. As Chair, she will help further strengthen Ciena's leadership position in a rapidly evolving networking industry."

Joining Ciena in 1994 in its infancy, Dr. Nettles has served the Company with distinction for thirty years and played a leading role in the evolution and growth of the business into an industry leader. He has served as Ciena's Executive Chair of the Board of Directors since May 2001. From October 2000 to May 2001, Dr. Nettles was Chair of the Board of Directors and Chief Executive Officer of Ciena, and he was President and Chief Executive Officer from April 1994 to October 2000.

Smith also commented on Dr. Nettles' decision, stating, "Pat played an instrumental role in laying the foundation of the company during our formative years, and further helped establish Ciena as a global industry leader. He will leave a lasting impact on the company and the industry at-large, and we are extremely grateful for his many contributions."

About Ciena

Ciena (NYSE: CIEN) is a global leader in networking systems, services, and software. We build the most adaptive networks in the industry, enabling customers to anticipate and meet ever-increasing digital demands. For three-plus decades, Ciena has brought our humanity to our relentless pursuit of innovation. Prioritizing collaborative relationships with our customers, partners, and communities, we create flexible, open, and sustainable networks that better serve all users—today and into the future. For updates on Ciena, follow us on LinkedIn, Twitter, the Ciena Insights blog, or visit www.ciena.com.

Note to Ciena Investors

You are encouraged to review the Investors section of our website, where we routinely post press releases, SEC filings, recent news, financial results, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that are based on our current expectations, forecasts, information, and assumptions. These statements involve inherent risks and uncertainties. Actual results or outcomes may differ materially from those stated or implied, because of risks and uncertainties, including those detailed in our most recent annual and quarterly reports filed with the SEC. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies and can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Ciena assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241211247158/en/

Press Contact:

Jamie Moody

Ciena Corporation

+1 (214) 995-8035

pr@ciena.com

Investor Contact:

Gregg Lampf

Ciena Corporation

+1 (410) 694-5700

ir@ciena.com

Source: Ciena Corporation

FAQ

When will Lawton W. Fitt become Ciena (CIEN) Board Chair?

Lawton W. Fitt will become independent Chair of Ciena's Board of Directors effective December 11, 2024.

When will Patrick Nettles retire from Ciena's (CIEN) board?

Patrick Nettles will retire at Ciena's 2025 Annual Meeting of Stockholders.

How long has Lawton Fitt been associated with Ciena (CIEN)?

Lawton Fitt has served as a Director of Ciena since November 2000 and chaired the Audit Committee from October 2004 through December 2024.

What is Patrick Nettles' history with Ciena (CIEN)?

Patrick Nettles joined Ciena in 1994, served as CEO from 1994 to 2001, and has been Executive Chair since May 2001.

What is Lawton Fitt's professional background before joining Ciena (CIEN)?

Fitt was an investment banker with Goldman Sachs from 1979 to 2002, where she was a partner from 1994 and managing director from 1996 to 2002.