Paul R. Lundstrom
Lumentum HoldingsAbout Paul R. Lundstrom
Paul R. Lundstrom (age 50) is an independent director of Lumentum, serving since December 2024 and currently chairs the Audit Committee; the Board has designated him an “audit committee financial expert.” He is CFO of Copeland LP (since August 2024) and previously served as CFO at Flex Ltd. and Aerojet Rocketdyne, with earlier senior finance roles at United Technologies. He holds an MBA from Columbia University and a BS from Truman State University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Copeland LP | Chief Financial Officer | Aug 2024 – Present | Global finance leadership; sustainable climate solutions focus |
| Flex Ltd. | Chief Financial Officer | Sep 2020 – Aug 2024 | Led analysis, carve‑out, and IPO of Nextracker; served on Nextracker board 2022–2024 |
| Aerojet Rocketdyne | Chief Financial Officer | Nov 2016 – Sep 2020 | CFO for rocket/defense propulsion manufacturer |
| United Technologies (now Raytheon Technologies) | Various senior finance roles including Business Unit CFO, VP Investor Relations | 1997 – 2015 | Financial reporting, capital markets, IR leadership |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| Nextracker | Director | 2022 – 2024 | Served on board while at Flex; energy infrastructure tracking systems |
Board Governance
- Independence: Determined independent under Nasdaq standards; eight of nine directors were independent as of Sep 25, 2025 .
- Committee Assignments: Audit Committee Chair; designated audit committee financial expert .
- Attendance: Each continuing director attended at least 100% of Board and committee meetings after joining in FY2025 .
- Meetings: Board held 15 meetings; Audit Committee held 8 meetings in FY2025 .
- Audit Committee Report: Signed by Lundstrom as Chair; Deloitte pre‑approved for FY2025 .
Fixed Compensation
| Element | Program Terms (Directors) | FY2025 Actual for Lundstrom |
|---|---|---|
| Annual Cash Retainer | $85,000, paid quarterly | $57,024 (pro‑rated due to Dec 2024 start and committee chair timing) |
| Committee Chair Retainer (Audit) | $35,000, paid quarterly | Included within cash total (specific split not disclosed) |
| Board Meeting Fees | $3,000 per meeting beyond 18 per year | Not disclosed as applicable |
| Total Cash Fees | N/A | $57,024 |
Performance Compensation
| Award Type | Standard Value | Lundstrom FY2025 Grant Date Fair Value | Vesting | Notes |
|---|---|---|---|---|
| Initial RSU Award (upon becoming outside director) | $100,000 | Included in $91,526 total stock awards FY2025 (pro‑rated) | Vests in 3 annual installments from start of service | Granted at first Board/Comp Committee meeting after start; value based on prior month VWAP |
| Annual RSU Award (each Annual Meeting) | $220,000 | Pro‑rated if elected outside of Annual Meeting | Vests by earlier of day prior to next annual meeting or 1 year from grant | Equity award cap: $500k under 2015 Plan; proposed increase to $750k under 2025 Plan |
| Options/PSUs (Directors) | Not granted to outside directors | — | — | Company has not been granting options in recent years; timing practices described; no director PSUs |
Other Directorships & Interlocks
| Company | Relationship to Lumentum | Potential Conflict/Interlock |
|---|---|---|
| Nextracker | No disclosed relationship to Lumentum | No related party transaction disclosed involving Lundstrom; company maintains formal related party transaction policy |
Expertise & Qualifications
- Designated audit committee financial expert; deep experience in financial reporting, capital markets, investor relations, and internal controls .
- Senior CFO experience across manufacturing, technology, and defense sectors; global finance leadership and transformation credentials, including carve‑out/IPO execution .
- Education: MBA (Columbia), BS (Truman State) .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial Ownership (Common Shares) | “–” (less than 1%) | Based on 70,843,924 shares outstanding as of Aug 29, 2025; methodology includes options/RSUs exercisable/vestable within 60 days |
| RSUs Held (as of Jun 28, 2025) | 1,234 RSUs | Time‑based director RSUs |
| Ownership Guidelines (Directors) | 5x annual cash retainer | Must attain within 5 years; directors were compliant or on track at FY2025 year‑end |
| Hedging/Pledging Policy | Prohibited (hedging, pledging, margin) | Corporate insider trading policy |
| Clawback Policy | Recovers excess incentive‑based comp post‑restatement (SEC/Nasdaq compliant; 3 fiscal years lookback) | Applies to current/former executives for incentive comp based on financial reporting measures |
Governance Assessment
- Strengths: Independent director; Audit Chair and financial expert designation; 100% meeting attendance post appointment; robust policies (clawback, hedging/pledging ban); use of independent compensation advisor (Semler Brossy) and independent committees .
- Alignment: Director stock ownership guideline (5x cash retainer) and time‑based RSUs support alignment; Lundstrom held 1,234 RSUs as of FY2025 year end and is within the 5‑year guideline compliance window .
- Compensation mix: Standard outside director structure emphasizing equity via RSUs and cash retainers; Lundstrom’s FY2025 compensation was pro‑rated ($57,024 cash; $91,526 stock awards; total $148,549) reflecting a partial year and chair service timing .
- Related‑party/conflict review: No related party transactions disclosed involving Lundstrom; formal related party transaction review policy overseen by the Audit Committee .
- RED FLAGS: None disclosed specific to Lundstrom (no pledging/hedging, no related party transactions, no option repricing). Note: Early tenure implies limited current share ownership; monitoring progress toward 5x retainer guideline is prudent .