In the latest management shakeup at Chatsworth-based MRV Communications Inc., the company announced Monday that its interim chief executive and vice president of finance will step down from their positions.
Also on Monday, MRV announced that its board has appointed Kenneth Traub to chairman and Robert Pons to the position of vice chairman.
“We will focus on a clear strategic plan to maximize the return of capital to our stockholders,” Traub said in a statement.
In August, Raging Capital Management LLC, one of the largest shareholders of MRV, sent a letter to the board of directors saying the company needed to return money to shareholders, decrease its number of directors and move to regain its listing on the NASDAQ, which it lost in 2009.
Interim CEO Chris King and Vice President of Finance Blima Tuller will stay on as executives until March 30 or the date when MRV files its 2011 annual report — whichever is later, MRV said in a news release. It is unclear whether they will stay on at the company.
A spokesman for MRV did not immediately return a message seeking comment.
In recent months, the provider of optical communications systems has experienced a wave of resignations amid shareholder unrest.
CEO Dilip Singh stepped down in December. Four directors, including the firm’s interim chairman, resigned this month.
MRV, which trades on the Pink Sheets, reported $62.45 million in revenue during the third quarter of 2011, down 5.5 percent when compared to the same period in 2010. Net income was $2.08 million, down 42 percent from the third quarter of 2010.