91.1 F
San Fernando
Thursday, Mar 28, 2024
Array

MRV Announces Dividends, Board Changes

Chatsworth-based MRV Communications Inc. is giving its stockholders a $75 million dividend, the company announced Thursday. The $264 million carrier Ethernet provider, which allows businesses to connect to larger networks via Ethernet, will also pay option holders a staggering cash payment that will equal their fair value loss on their options as a result of the dividend payment. To receive the dividend, stockholders will have to hold shares as of November 2, the company said Friday. The dividend will be payable November 10. had to hold shares as of Thursday, according to a news release announcing the payment. Also on Thursday, the company’s board announced Chairman Dr. Ken Shubin Stein has resigned and current board member Philippe Tartavull will serve as interim chairman. The firm’s chief executive, Dilip Singh, also stepped down from the board, but remains chief executive. MRV said its board will negotiate in “good faith” to extend his contract as chief executive. The board also plans to conduct a search for a ninth board member to serve as chairman once elected.

Featured Articles

Related Articles