Synaptics Announces Leadership Transition
March 15 2019 - 4:31PM
Synaptics Incorporated (NASDAQ: SYNA), the leading developer of
human interface solutions, today announced an executive leadership
transition and the departure of Richard Bergman as Chief Executive
Officer, effective immediately. In addition, the Company is
updating its third fiscal quarter guidance and now expects revenue
and non-GAAP EPS to be around the lower end of the original
guidance range of $340 million to $380 million and $0.70 to $1.00,
respectively. Third quarter revenue is affected by demand softness
in China.
The Board has created an executive leadership committee to
assist with the transition. Nelson Chan, who has served as a
director since 2007 and as non-executive Chairman since October
2018, has been appointed Executive Chairman of the Board. In this
role, he will provide direct support to Synaptics’ executive
leadership committee to ensure a smooth and effective
transition.
“We are focused on capturing numerous opportunities before us
and evolving the company under new leadership to increase
shareholder value. We thank Rick for his contributions to
Synaptics,” said Mr. Chan.
Mr. Bergman’s departure was not a result of any disagreement
with Synaptics on any matter relating to Synaptics’ operations,
policies, or practices. The Company has commenced an executive
search process for a successor.
About Synaptics Incorporated Synaptics is the
pioneer and leader of the human interface revolution, bringing
innovative and intuitive user experiences to intelligent devices.
Synaptics’ broad portfolio of touch, display, biometrics, voice,
audio, and multimedia products is built on the company’s rich
R&D, extensive IP and dependable supply chain capabilities.
With solutions designed for mobile, PC, smart home, and automotive
industries, Synaptics combines ease of use, functionality and
aesthetics to enable products that help make our digital lives more
productive, secure and enjoyable. (NASDAQ: SYNA)
www.synaptics.com.
Join Synaptics on Twitter, LinkedIn, or visit
www.synaptics.com.
Use of Non-GAAP Financial Information
In evaluating its business, Synaptics considers and uses
Non-GAAP EPS, which we define as net income per share – diluted,
excluding share-based compensation, acquisition related costs, and
certain other non-cash or recurring and non-recurring items the
company does not believe are indicative of its core operating
performance as a supplemental measure of operating performance.
Non-GAAP EPS is not a measurement of the company’s financial
performance under GAAP and should not be considered as an
alternative to GAAP net income. The company presents Non-GAAP EPS
because it considers it an important supplemental measure of its
performance since it facilitates operating performance comparisons
from period to period by eliminating potential differences in net
income caused by the existence and timing of share-based
compensation charges, acquisition related costs, and certain other
non-cash or recurring and non-recurring items. Non-GAAP EPS has
limitations as an analytical tool and should not be considered in
isolation or as a substitute for the company’s GAAP net income per
share. The principal limitations of this measure are that it does
not reflect the company’s actual expenses and may thus have the
effect of inflating its net income and net income per share as
compared to its operating results reported under GAAP. The
company is not able to provide reconciliations from GAAP EPS to
non-GAAP EPS for its outlook without unreasonable efforts because
of the unknown effects, timing and variability of some of the
future components necessary to calculate the comparable GAAP
financial measure.
Forward-Looking Statements This press release
contains forward-looking statements that are subject to the safe
harbors created under the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations and
projections relating to our financial condition, results of
operations, plans, objectives, future performance and business, and
can be identified by the fact that they do not relate strictly to
historical or current facts. Such forward-looking statements may
include words such as “expect,” “anticipate,” “intend,” “believe,”
“estimate,” “plan,” “target,” “strategy,” “continue,” “may,”
“will,” “should,” variations of such words, or other words and
terms of similar meaning. All forward-looking statements reflect
our best judgment and are based on several factors relating to our
operations and business environment, all of which are difficult to
predict and many of which are beyond our control. Such factors
include, but are not limited to, the risks as identified in the
“Risk Factors,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Business” sections of our
Annual Report on Form 10-K for the fiscal year ended June 30, 2018,
and other risks as identified from time to time in our Securities
and Exchange Commission reports. Forward-looking statements are
based on information available to us on the date hereof, and we do
not have, and expressly disclaim, any obligation to publicly
release any updates or any changes in our expectations, or any
change in events, conditions, or circumstances on which any
forward-looking statement is based. Our actual results and
the timing of certain events could differ materially from the
forward-looking statements. These forward-looking statements do not
reflect the potential impact of any mergers, acquisitions, or other
business combinations that had not been completed as of the date of
this release.
For more information contact: Saleel AwsareSVP,
Corporate Marketing & Investor
Relationssaleel.awsare@synaptics.com
Jason TsaiHead of Investor Relationsjason.tsai@synaptics.com
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