ALISO VIEJO, Calif.--(BUSINESS WIRE)--May. 17, 2013--
Corp. (Nasdaq:QLGC) today announced that Simon Biddiscombe has resigned
his positions as president and chief executive officer and also as a
director in order to pursue other opportunities. Simon’s resignation was
The Board has appointed CFO Jean Hu, 49, as CEO on an interim basis. Hu
currently serves a senior vice president and chief financial officer.
She oversees all company financial matters and will retain her CFO
responsibilities during the interim period.
The Board will begin an immediate search for a permanent CEO, and the
search committee will be led by William M. Zeitler.
“On behalf of the Board, I would like to thank Simon Biddiscombe for his
contributions to QLogic over the last five years. We wish Simon well in
his future endeavors,” said H.K. Desai, chairman of the board and
executive chairman, QLogic.
The company reaffirms its non-GAAP financial guidance for the first
quarter of fiscal year 2014.
QLogic – the Ultimate in Performance
(Nasdaq:QLGC) is a global leader and technology innovator in high
performance networking, including adapters, switches and ASICs. Leading
OEMs and channel partners worldwide rely on QLogic products for their
data, storage and server networking solutions. For more information,
Disclaimer – Forward-Looking Statements
This press release contains statements relating to future results of
the company (including certain beliefs and projections (including the
first quarter financial guidance discussed above) regarding business and
market trends) that are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected or implied in
the forward-looking statements. The company advises readers that these
potential risks and uncertainties include, but are not limited to:
unfavorable economic conditions; potential fluctuations in operating
results; gross margins that may vary over time; the stock price of the
company may be volatile; the company's dependence on the networking
markets served; the ability to maintain and gain market or industry
acceptance of the company's products; the company's dependence on a
small number of customers; the company's ability to compete effectively
with other companies; the complexity of the company's products;
declining average unit sales prices of comparable products; the
company's dependence on sole source and limited source suppliers; the
company's dependence on relationships with certain third-party
subcontractors and contract manufacturers; the ability to attract and
retain key personnel; sales fluctuations arising from customer
transitions to new products; seasonal fluctuations and uneven sales
patterns in orders from customers; a reduction in sales efforts by
current distributors; changes in the company's tax provisions or adverse
outcomes resulting from examination of its income tax returns;
international economic, currency, regulatory, political and other risks;
facilities of the company and its suppliers and customers are located in
areas subject to natural disasters; the ability to protect proprietary
rights; the ability to satisfactorily resolve any infringement claims;
uncertain benefits from strategic business combinations, acquisitions
and divestitures; declines in the market value of the company's
marketable securities; changes in and compliance with regulations;
difficulties in transitioning to smaller geometry process technologies;
the use of "open source" software in the company's products; and
security system risks, data protection breaches and cyber-attacks.
More detailed information on these and additional factors which could
affect the company's operating and financial results are described in
the company's Forms 10-K, 10-Q and other reports filed, or to be filed,
with the Securities and Exchange Commission. The company urges all
interested parties to read these reports to gain a better understanding
of the business and other risks that the company faces. The
forward-looking statements contained in this press release are made only
as of the date hereof, and the company does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
QLogic and the QLogic logo are registered trademarks of QLogic
Corporation. Other trademarks and registered trademarks are the property
of the companies with which they are associated.
Source: QLogic Corp.
Jean Hu, 949-389-7579