Former Lehman Brothers analyst Steve Levy has joined the board of directors of Tut Systems, a company he once covered, the broadband equipment vendor announced today.

Levy, a prominent Wall Street analyst covering the telecom industry for nearly 20 years, resigned from Lehman Brothers two months ago. In his Aug. 17 resignation letter, he said he had not yet decided what his next career move would be.

Levy was often bullish on Tut when he covered the company following its January 1999 initial public offering, for which Lehman Brothers was the lead underwriter. In research notes, Levy expressed confidence in the company’s technological know-how, its management team and its unique and differentiated focus on broadband equipment for multi-tenant units.

On Tut’s board, Levy replaces George Middlemas, who resigned to devote more time to his venture capital business. Levy will complete Middlemas’ term and stand for re-election at the company’s 2006 annual meeting.