Sonus Networks disclosed an agreement with 25-percent owner Legatum Capital today, in which Legatum will choose two new Sonus board members but will refrain from new proposals or official actions.
Legatum owns 65 million shares of Sonus, which cut 5 percent of its workforce last month and left open the prospect of future restructuring.
Sonus also said last month that it will declassify its board. That will be accomplished by the 2011 annual meeting, officials said today. Also, the roles of chair and CEO will be separated, while a new committee is created to evaluate development and investment opportunities.
"Legatum is an important partner and investor with a clear commitment to our long-term vision and success. We have listened to their recommendations and are pleased to have reached an agreement that will benefit all our stakeholders. Both the board and management welcome the new perspectives and insights that the new directors will bring," Sonus CEO Richard Nottenburg stated.
Officials could not be reached this morning for comment on who the new board members will be, or when they’ll be announced.
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