POET Technologies Inc. (NASDAQ:POET) shares are trading higher Tuesday morning following a leadership update.
The Toronto-based optical engine developer appointed Sandeep Kumar as chief operating officer. The move became effective Monday.
Kumar joins the C-Suite after 18 years at Silicon Labs (NASDAQ:SLAB). He previously served as Senior Vice President of Worldwide Operations there.
Focus on High-Volume Production
Chairman and CEO Suresh Venkatesan highlighted the strategic necessity of the hire. Kumar will oversee global operations and manufacturing.
“Sandeep is expected to play a major role in managing global operations in with an immediate focus on bringing proven talent into our manufacturing organization in Malaysia to prepare it for high-volume production,” Venkatesan stated.
Recovering From Order Cancellations
The rally comes as investors move past recent headwinds. In April, Marvell Technology Inc. (NASDAQ:MRVL) canceled purchase orders related to Celestial AI. Traders are now weighing this executive hire against a separate $5 million purchase order from another tech firm.
Upcoming Earnings Catalyst
Wall Street is shifting focus to the company's first-quarter results. POET is scheduled to report earnings on May 26. Analysts estimate a loss per share of 5 cents. Revenue is projected to reach $347,970 for the quarter.
POET Stock Price Activity: POET Technologies shares were up 4.24% at $14.49 at the time of publication on Tuesday, according to Benzinga Pro data.
The Nasdaq is down 1%, while the S&P 500 is down 0.56%.
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