IDT Announces Resignation of Dr. Ted Tewksbury as President & CEO
August 26 2013 - 9:00PM
Business Wire
Integrated Device Technology, Inc. (IDT® or the Company)
(NASDAQ: IDTI), the Analog and Digital Company™ delivering
essential mixed-signal semiconductor solutions, today announced
that Dr. Ted Tewksbury has resigned as President, Chief Executive
Officer and board member, effective August 27, 2013. The Board of
Directors has appointed board member Jeffrey McCreary as interim
President and Chief Executive Officer.
Jeffrey McCreary has served on IDT’s Board since June of 2012. A
former Texas Instruments Senior Vice-President, Mr. McCreary brings
thirty years of broad based semiconductor industry leadership and
significant boardroom experience to the role. As interim President
and Chief Executive Officer, Mr. McCreary will work closely with
IDT’s current executive team and Board of Directors to oversee the
Company’s ongoing operations and strategic initiatives. The Board
has formed a search committee to identify and consider candidates
for the permanent President and Chief Executive Officer role.
“On behalf of the Board of Directors, I want to thank Ted for
his many contributions to IDT over the past five years,” said John
Schofield, IDT’s Chairman of the Board. “Since joining the Company,
he has directed IDT’s transformation into a premier analog and
mixed signal semiconductor company delivering system level
solutions.”
Schofield continued, “As we begin the CEO search, we are
fortunate to have Jeffrey McCreary available to serve in the
interim role. Jeff possesses a proven track record as a
semiconductor industry executive and has spent significant time
making vital decisions in the boardroom as well. We are confident
he will provide essential leadership for the Company for as long as
required.”
“I am excited about the future for IDT and look forward to
contributing to the team’s success,” said McCreary. “We are on a
path to reach our previously stated financial targets and to
continue leveraging our proven strengths in timing solutions,
memory interface, RF, serial switching and power management with
great new products.”
Forward Looking Statements
Investors are cautioned that forward-looking statements in this
release, including but not limited to statements regarding Mr.
McCreary’s plans as interim President and Chief Executive Officer
and the Company’s business, strengths and products, involve a
number of risks and uncertainties that could cause actual results
to differ materially from current expectations. Risks include, but
are not limited to, global business and economic conditions,
fluctuations in product demand, manufacturing capacity and costs,
inventory management, competition, pricing, patent and other
intellectual property rights of third parties, timely development
and introduction of new products and manufacturing processes,
dependence on one or more customers for a significant portion of
sales, successful integration of acquired businesses and
technology, availability of capital, cash flow and other risk
factors detailed in the Company's Securities and Exchange
Commission filings. The Company urges investors to review in detail
the risks and uncertainties in the Company's Securities and
Exchange Commission filings, including but not limited to the
Annual Report on Form 10-K for the fiscal year ended March 31, 2013
and the Quarterly Report on Form 10-Q for the fiscal quarter ended
June 30, 2013. All forward-looking statements are made as of the
date of this release and the Company disclaims any duty to update
such statements.
About IDT
Integrated Device Technology, Inc., the Analog and Digital
Company™, develops system-level solutions that optimize its
customers’ applications. IDT uses its market leadership in timing,
serial switching and interfaces, and adds analog and system
expertise to provide complete application-optimized, mixed-signal
solutions for the communications, computing and consumer segments.
Headquartered in San Jose, Calif., IDT has design, manufacturing,
sales facilities and distribution partners throughout the world,
with direct purchase services through IDT Direct™. IDT stock is
traded on the NASDAQ Global Select Stock Market® under the symbol
“IDTI.” Additional information about IDT is accessible at
www.IDT.com. Follow IDT on Facebook, LinkedIn, Twitter, and
YouTube.
IDT and the IDT logo are trademarks or
registered trademarks of Integrated Device Technology, Inc. All
other brands, product names and marks are or may be trademarks or
registered trademarks used to identify products or services of
their respective owners.
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