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Monday, Jun 27, 2022

MRV Names New CEO, CFO

MRV Communications Inc. announced on Monday that Mark J. Bonney was appointed chief executive and president, and Stephen Krulik chief financial officer. Bonney, 60, joined the Chatsworth telecommunications components company as chief financial officer in August and has served on the board of directors since April 2013. He replaces David Stehlin who left to pursue other interests. Stehlin joined MRV in 2011 as senior vice president of sales and marketing, and became chief executive two years later upon the retirement of then-chief executive Barry Gorsun. MRV supplies equipment and software to manage large computer networks operated by telecomm service providers, cable operators, manufacturers and other large public and private entities. It has about 400 employees in the United States and 12 foreign countries. In the spring, the company resumed trading on the Nasdaq after being delisted for about five years over the late filing of quarterly earnings statements. In its latest quarterly report, the company reported a net loss of $1 million (-14 cents a share) for the third quarter ended Sept. 30, compared with a net loss of $146,000 (-2 cents) in the same period a year earlier. Revenue increased 12 percent to $43.2 million. MRV Chairman Kenneth Traub described Bonney as an executive with a record of strategic transactions, improving growth and managing corporate turnarounds. “The entire board is confident he brings the right skills and discipline to execute our strategic plans focused on maximizing shareholder value,” Traub said in a prepared statement. Prior to MRV, Bonney served in executive positions with On Board Advisors LLC, a strategic and financial advisory firm in Middletown Conn.; Direct Brands Inc. in New York; and American Bank Note Holographics Inc. in Robbinsville, N.J. Krulik, 42, had been vice president of finance since May prior to his promotion. He previously had been with Technicolor Creative Services for seven years. Shares closed up 69 cents, or more than 7 percent, to $9.99 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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