Lumentum management check
LITE · Information Technology · Communications Equipment · CEO Hurlston
Filings as of
3 good · 2 to watch · 2 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2022 grew to $979, against $199 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 1.00 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
Paid in a loss-making year$15.4m of reported pay in fiscal 2026, a year the company lost $6.9bn.
- Watch
Do they own the stock?
CEO stake ≈ 12 years of payThe CEO holds 187,499 shares, directly or through trusts (unvested awards not counted): about 12 years of pay. 9 insiders sold $129.4m in the last six months and none bought. 108 of 113 sales ran on pre-arranged 10b5-1 plans.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +4.5% a year over the last three fiscal years. Stock-based pay was 5.6% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Lowe, Hurlston. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 33 | |
| Pay for performance | 100 | 87 | |
| CEO cost | 0 | 35 | |
| Skin in the game | 68 | 47 | |
| Dilution | 0 | 56 | |
| Stable leadership | 40 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Communications Equipment, by management score. Lumentum is 44th of 73 in its sector.
- 139CIENCiena73
- 249ANETArista Networks64
- 260CSCOCisco64
- 304MSIMotorola Solutions61
- 349LITELumentum58
- 364FFIVF5, Inc.57
Pay versus performance
From the proxy statement filed October 6, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Hurlston | $15.4m | $474.3m | $7.6m | $979 | $199 | −$6.9bn |
| 2025 | Hurlston, Lowe | $46.4m | $46.7m | $4.6m | $114 | $133 | $25.9m |
| 2024 | Lowe | $12.1m | $9.3m | $3.9m | $61 | $124 | −$546.5m |
| 2023 | Lowe | $13.9m | $6.2m | $4.5m | $68 | $93 | −$131.6m |
| 2022 | Lowe | $10.8m | $10.9m | $3.8m | $93 | $72 | $198.9m |
The board says pay is tied most to Revenue. Its other key measures: Gross Margin, Operating Income, Earnings per Share.
Insiders and the CEO's stake
Michael E. Hurlston (President and CEO) held 187,499 shares directly after their latest Form 4 on Aug 27, 2026, roughly $179.7m at that filing's price.
9 insiders sold $129.4m in the last six months and none bought. 108 of 113 sales ran on pre-arranged 10b5-1 plans.
- SoldVincent RetortSEE REMARKS · 10b5-1 plan$41.0mAug 25, 2026
- SoldWajid AliEVP & CHIEF FINANCIAL OFFICER · 10b5-1 plan$28.1mOct 1, 2026
- SoldYuen WupenPRESIDENT, GLOBAL BUS. UNITS · 10b5-1 plan$16.4mSep 29, 2026
- SoldJae KimSVP, GENERAL COUNSEL · 10b5-1 plan$16.2mAug 25, 2026
Leadership and governance on file
- Jul 30, 2026Leadership change8-K 5.02
- Jan 5, 2026Leadership change8-K 5.02
- Dec 15, 2025Leadership change8-K 5.02
- Nov 24, 2025Leadership change8-K 5.02
- Feb 3, 2025Leadership change8-K 5.02
- Dec 12, 2024Leadership change8-K 5.02
- Nov 22, 2024Leadership change8-K 5.02
- Feb 27, 2024Leadership change8-K 5.02
- Nov 21, 2023Leadership change8-K 5.02
- Feb 24, 2023Leadership change8-K 5.02
- Nov 21, 2022Leadership change8-K 5.02
- Nov 23, 2021Leadership change8-K 5.02
Latest shareholder vote results: Nov 24, 2025, including the say-on-pay vote.
Where the money went
Over 2021–2025: $955.5m returned to owners in buybacks and dividends, and $691.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7bn | $1.7bn | $1.8bn | $1.6bn | $3.0bn |
| Net income | $397.3m | $198.9m | −$131.6m | $25.9m | −$6.9bn |
| Stock-based pay | $92.9m | $103.1m | $148.4m | $177.2m | $170.2m |
| Buybacks | $236.0m | $543.9m | $175.6m | $0 | — |
| Dividends | — | — | — | — | — |
| Diluted shares | 78m | 74m | 68m | 70m | 75m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.