Posted 03 October, 2022
CALIX, INC appointed Michael Weening as new CEO
NYSE:CALX appointed new Chief Executive Officer Michael Weening in a 8-K filed on 03 October, 2022.
On September 30, 2022, Calix, Inc. ("Calix" or the "Company") appointed Michael Weening, age 54, to the position of Chief Executive Officer of the Company effective September 30, 2022.
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Overview of CALIX, INC
Technology • Software
Calix, Inc. provides cloud and software platforms, systems and services required to realize the unified access network. The firm offers broadband communications access systems and software for fiber and copper-based network architectures that enable communications service providers to transform their networks and connect to their residential and business subscribers. It enables communication service providers to provide a wide range of revenue-generating services from basic voice and data to advanced broadband services over legacy and next-generation access networks. The firm focuses on communications service providers access networks with the portion of the network, which governs available bandwidth and determines the range and quality of services that can be offered to subscribers. It also develops and sells carrier-class hardware and software products. The company was founded by Michael L. Hatfield and Carl E. Russo in August 1999 and is headquartered in San Jose, CA.Market Cap
$2.28B
View Company Details
$2.28B
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) (c) On September 30, 2022, Calix, Inc. ("Calix" or the "Company") appointed Michael Weening, age 54, to the position of Chief Executive Officer of the Company effective September 30, 2022. Mr. Weening will continue to serve as President of the Company and resigned his role as Chief Operating Officer in connection with his promotion. Also on September 30, 2022, Carl Russo resigned his role as Chief Executive Officer effective September 30, 2022 and will continue to serve as Chairman of the Board of Directors of the Company (the "Board"). In connection with Mr. Weening's promotion to Chief Executive Officer, the Company entered into a promotion letter with Mr. Weening ("Promotion Letter") regarding the terms of his employment. Mr. Weening will receive an annual base salary of $560,000 and will be eligible to receive a target annual bonus of 150% of his annual base salary based on achievement of objectives established by the Compensation Committee of the Board. In addition, Mr. Weening will receive an option to purchase 300,000 shares of the Company's common stock under the Company's Amended and Restated 2019 Equity Incentive Award Plan effective as of, and with an exercise price per share equal to, the closing trading price of the Company's common stock on the second trading day of the next open trading window for the Company. The stock option will vest and become exercisable over four years from September 30, 2022, with 25% of the shares initially underlying the stock vesting and becoming exercisable on September 30, 2023, and the remainder of the shares underlying the stock option vesting and becoming exercisable quarterly thereafter in substantially equal quarterly installments over the next 12 quarters, subject to Mr. Weening's continued service to the Company through the applicable vesting date. Mr. Weening will participate as a Group A participant in the Company's Amended and Restated Executive Change in Control and Severance Plan. In recognition of the Company's work-from-anywhere culture, the Promotion Letter removes a prior requirement that Mr. Weening relocate and also terminates Mr. Weening's prior relocation allowance and the Company's clawback right with respect to the relocation allowance. Mr. Weening joined Calix in June 2016 and has served in executive roles as the Company's President and Chief Operating Officer since January 2021; as Executive Vice President, Chief Operating Officer from August 2020 until January 2021; as Executive Vice President, Global Operations from January 2019 until August 2020; as Executive Vice President, Field Operations from July 2018 until January 2019; as Executive Vice President, Sales and Marketing from November 2016 until June 2018; and as Executive Vice President, Sales from June 2016 until November 2016. Prior to joining Calix, Mr. Weening served as Senior Vice President, Global Customer Success and Services, Commercial Business of Salesforce, Inc. The Company and Mr. Weening also previously entered into the Company's standard indemnification agreement, the form of which was filed with the SEC as Exhibit 10.5 to Amendment No. 6 to the Company's Registration Statement on Form S-1 filed with the SEC on March 8, 2010.
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