Rambus Inc. (RMBS) said Chief Executive Harold Hughes plans to retire once the company finds a permanent successor, opening up a search for the technology licensor's new leader.
The disclosure comes as Rambus, which licenses patented technology used to accelerate the performance of memory chips, recently signed a series of agreements with competitors, including Nvidia Corp. (NVDA) and Broadcom Corp. (BRCM), following a setback last year in an antitrust case against Micron Technology Inc. (MU) and Hynix Semiconductor Inc. (000660.SE, HXSCF).
"Rambus is on a strong path as a result of our diversification strategy and recent license agreements with key semiconductor companies," Hughes, 66, said in a statement. "Given this, I have decided it is time to start the process of identifying my successor."
Hughes will still be nominated for another term as a director in the company's upcoming shareholder meeting. He has served on the Rambus Board of Directors since 2003.
Shares closed at $7.42 Monday and were inactive after hours.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com