Krish Prabhu has informed the Tellabs board of directors that he will resign as the company’s president and CEO by March 1. Prabhu had served as Tellabs’ president and CEO since 2004.
“The Tellabs team has successfully broadened the product portfolio, established new relationships with large service providers, and made progress in repositioning the company,” Prabhu said, in a prepared statement. “This is the right time for a new leader to begin the next chapter at Tellabs.”
Tellabs’ board also authorized an additional $600 million for the company’s common stock repurchase program, in addition to a remaining $176.1 million under a repurchase program authorized last year. Together, the authorizations cover about 22 percent of Tellabs’ shares outstanding, at yesterday’s closing price.
Products from Tellabs are used by service providers to deliver voice, video and data services over wireline and wireless networks.