JDS Uniphase Corp. (Nasdaq: JDSU) bumped up its revenue estimates for the fiscal year Thursday. The company also announced the retirement of CEO Kevin Kalkhoven.
Jozef Straus will take over as CEO and will also remain Co-Chairman. Kalkhoven will remain with the company as an advisor on strategic matters through the end of fiscal 2001.
Officials said the transition would be smooth. As an added bonus, JDS Uniphase gave rosy outlook.
"The business remains very strong, ... so strong we are compelled to increase our growth estimate from 75 percent year-over to 80 percent," said newly appointed Chief Financial Officer Anthony R. Muller on a conference call.
The company had said, when it hurdled estimates in its third quarter report in April, that it expected sequential growth of above 20 percent, and year-over-year growth of 75 percent.
JDS Uniphase also plans a roadshow in the next few weeks to talk about the company's prospects. Within the next two weeks, the company will announce its next analyst meeting.
Straus has served as President and Chief Operating Officer of JDS Uniphase since the company was formed by the merger of JDS FITEL Inc. and Uniphase Corp. in 1999.
The company said it needed another layer of management as the business expanded and it integrates acquisitions. Charles J. Abbe has been appointed President and Chief Operating Officer of the Company. Mr. Abbe, the former CEO of Optical Coating Laboratory, Inc., which the company acquired in February of this year.
JDS Uniphase said it also making significant investments in infrastructure, and moving ahead on schedule with expansion and product development plans.
Near-term priorities include increasing output by 4 times, and ramping up outsourcing, automation, and capacity, added Abbe.
JDS Uniphase competes with Lucent (NYSE: LU) and Corning (nYSE: GLW) according to Hoover's Online.