EMCORE PRESS RELEASE: APPOINTMENT OF CERTAIN OFFICERS
Published on December 20, 2006
EXHIBIT
99.1
Press
Release
EMCORE
CORPORATION NAMES DR. HONG Q. HOU PRESIDENT AND CHIEF OPERATING
OFFICER
--
Reuben
F. Richards, Jr. to become Chairman of the Board in 2008
Somerset,
NJ - December 20, 2006 - EMCORE CORPORATION (NASDAQ: EMKR), a leading provider
of compound semiconductor-based components and subsystems for the broadband,
fiber optic, satellite and terrestrial solar power markets, today announced
that
Dr. Hong Q. Hou, Vice President and General Manager of EMCORE’s Ortel Division,
has been named President and Chief Operating Officer and a Director of the
Company. Dr. Hou will report to the Chief Executive Officer, Reuben F. Richards,
Jr.
In
addition, Reuben F. Richards, Jr. will continue as Chief Executive Officer
until
the Company’s annual shareholder meeting in 2008, after which he will become the
Chairman of the Board, and Dr. Thomas Russell, the current chairman, will
become
Chairman Emeritus and Lead Director. Dr. Hou has been offered the position
of
Chief Executive Officer after Mr. Richards becomes Chairman. Scott T. Massie,
an
Executive Vice President and Chief Operating Officer of the Company, has
resigned as an officer of EMCORE and will leave the Company at the end of
December to pursue other opportunities.
“Dr.
Hou
has been an invaluable contributor in virtually all aspects of EMCORE’s business
over the past eight and a half years,” Mr. Richards said. “His keen strategic
vision and exemplary leadership have been critical in helping to position
the
Company in today’s technologies and markets. I look forward to working with him
over the next year as Chief Executive Officer and following that as EMCORE’s
Chairman. We are extremely grateful that Tom Russell will continue to serve
as
Chairman Emeritus and Lead Director after this transition and will continue
to
contribute his knowledge and insights to EMCORE’s development. We also want to
express our appreciation to Scott Massie for his service to EMCORE and we
wish
him the best in his future endeavors.”
EMCORE
also announced that Dr. Richard A. Stall has resigned his seat on the Company’s
Board, but will continue to serve as EMCORE’s Chief Technology Officer,
Executive Vice President and General Manager of the EMCORE Solar Power Division.
Dr. Stall advised the Board that with the election of Dr. Hou, the Board
will
continue to have a strong technically advanced director, as well as another
inside director, and that accordingly this would be an opportunity for him
to
devote himself 100 percent to his operating role.
“We
are
confident the changes we are announcing today will ensure that EMCORE will
have
a strong leadership team as we pursue our long-term strategic plans and
operating objectives,” Mr. Richards added.
In
connection with the changes announced today, the Board amended various
provisions of the Company’s By-Laws to immediately separate the positions of
President and Chief Executive Officer and to establish a corporate officer
to
hold the title of Chairman of the Board following the Company’s annual
shareholder meeting in 2008. Among other things, the changes provide that
following the 2008 annual meeting, the Chairman will have responsibility
for the
strategy and policy of the Company and will be subject to the authority and
supervision of the Board of Directors. The Chief Executive Officer will have
responsibility for the business and affairs of the Company, subject only
to the
authority of the Chairman and the Board. A complete copy of the By-Laws
reflecting the amendments is included as an exhibit in a Current Report on
Form
8-K filed today by the Company.
Dr.
Hou,
42, joined EMCORE in March 1998 and has served in a variety of leadership
roles.
He co-started EMCORE’s Photovoltaics Division, and subsequently managed the
Fiber Optics Division, before becoming Vice President and General Manager
of
EMCORE’s Ortel Division. From 1995 to 1998 he was a Principal Member of the
Technical Staff at Sandia National Laboratories, a Department of Energy weapon
research lab managed by Lockheed Martin. Prior to that, he served with AT&T
Bell Laboratories, engaging in research on high-speed optoelectronics devices.
He holds a Ph.D. in electrical engineering from the University of California
at
San Diego. He has published over 150 journal articles and holds seven U.S.
patents.
About
EMCORE
EMCORE
Corporation offers a broad portfolio of compound semiconductor-based products
for the broadband, fiber optic, satellite and solar power markets. EMCORE’s
Fiber Optic segment offers optical components, subsystems and systems for
high
speed data and telecommunications networks, cable television (CATV) and
fiber-to-the-premises (FTTP). EMCORE’s Photovoltaic segment provides products
for both satellite and terrestrial applications. For satellite
applications, EMCORE offers high efficiency Gallium Arsenide (GaAs) solar
cells,
Covered Interconnect Cells (CICs) and panels. For terrestrial applications,
EMCORE is adapting its high-efficiency GaAs solar cells for use in solar
concentrator systems. For further information about EMCORE, visit
http://www.emcore.com.
***
EMCORE
Corporation
Tom
Werthan - Chief Financial Officer
(732)
271-9090
info@emcore.com
KEKST
AND COMPANY
Fred
Spar
(212)
521-4813
OR
Joseph
Kuo
(212)
521-4863