ADC appoints new independent lead director
February 12, 2009 -- ADC announced that current ADC director William R. Spivey, Ph.D. has been appointed independent lead director by the company's board of directors. Effective immediately, Dr. Spivey replaces J. Kevin Gilligan, who will leave the ADC board in mid-February.
February 12, 2009 -- ADC announced that current ADC director William R. Spivey, Ph.D. has been appointed independent lead director by the company's board of directors. Effective immediately, Dr. Spivey replaces J. Kevin Gilligan, who will leave the ADC board in mid-February. Gilligan recently announced that he accepted the position of CEO and director of Capella Education Company.
"I want to welcome Dr. Spivey to his new role as independent lead director for ADC. His familiarity with the company, deep industry experience, and commitment to sound corporate governance make him an excellent choice for this important role on our board of directors," said Robert E. Switz, chairman, president and CEO for ADC. "I also want to thank Kevin for his terrific service to ADC and our shareholders and wish him the best in his new leadership position at Capella."
As independent lead director, Spivey will preside over executive sessions of the board and generally lead the affairs of the independent directors. At this time, all of ADC's directors other than Switz are independent and all of the company's board committees continue to be comprised solely of independent directors.
Spivey has served as an ADC director since Sept. 2004. He has significant industry experience from prior roles including, president and chief executive officer of Luminent, Inc., a fiber optics transmission products manufacturer, Network Products Group president for Lucent Technologies and vice president of the Systems & Components Group at AT&T Corporation/Lucent Technologies. Spivey is also a director of Novellus Systems, Inc., Raytheon Company, Laird, PLC and Cascade Microtech, Inc.
Gilligan offered to resign from the ADC board upon his Capella appointment pursuant to ADC's corporate governance policy. The move from ADC will enable him to focus on his new role. His resignation will also avoid ADC having two board members who are both executives at a company unrelated to ADC. Lois M. Martin, senior vice president and chief financial officer at Capella is also an ADC director. Gilligan, who joined the ADC Board in Sept. 2004, will continue to serve as a director through Feb., 15 2009 to help transition his independent lead director responsibilities.
A more detailed comparison of the roles of chairman and independent lead director is posted under the heading "Corporate Governance" in the investor relations section of ADC's website at www.adc.com/investorrelations/corporategovernance/relevantdocuments/