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The Scientology supporter who brought the company to Clearwater in 1995 still owns 74 percent of the stock.
By DAVE GUSSOW
© St. Petersburg Times, published July 7, 1999
CLEARWATER -- The man who brought Digital Lightwave Inc. to Clearwater has been replaced as chairman, though he remains on the board of directors and still holds 74 percent of the company's stock.
The provider of optical networking products declined to give a reason for Bryan J. Zwan's departure, although chief financial officer Steven Grant said Tuesday it allows Zwan to pursue personal matters and the company to continue a management transition that started last year.
Gerry Chastelet will add the title of chairman to his responsibilities of chief executive officer and president, which he assumed from Zwan in January when he joined the company. Chastelet previously served as chief executive of Wandel & Goltermann Technologies Inc., a communications testing equipment supplier in North Carolina.
Digital Lightwave, which manufactures test equipment for high-speed fiber optic lines, last year settled a lawsuit filed by shareholders who accused the company's officers of inflating the company's stock by overstating sales. In August, the company laid off 55 workers, calling the move a "right-sizing."
In April, the company reported a first-quarter loss of $1.6-million on revenues of $8.1-million, compared with a year-ago loss of $4.6-million on revenues of $5.4-million. The company expects to announce its latest earnings results this month. In May, the company signed a contract to provide Lucent Technologies Inc. with a performance-monitoring and diagnostic system.
Chastelet and Grant said they don't expect the company's operations or strategy to change because of Zwan's departure.
Zwan, who moved Digital Lightwave to Clearwater from California in 1995, could not be reached for comment. He is a doctor of physics and a former MIT researcher, and a major contributor to the Church of Scientology's planned complex in downtown Clearwater.
Digital Lightwave's stock closed Tuesday at $6.25, up 183/4 cents.
-- Information from Times files was used in this report.