IDT Announces Plan to Transition Role of CEO
CEO Jerry Taylor Will Transfer Role to President Greg Lang At the End of 2002
SANTA CLARA, Calif.--(BUSINESS WIRE)--July 29, 2002--IDT (Integrated Device Technology, Inc.) (Nasdaq:IDTI - News), a leading communications IC company, today announced that IDT's Chief Executive Officer Jerry Taylor will step down from his role as CEO on Dec. 31, 2002 and will transition his responsibilities to IDT President Greg Lang. IDT's board of directors has approved the transition, which will begin immediately. Taylor, who has served as IDT's CEO for 2-1/2 years, plans to retire as CEO and then continue to serve on IDT's board of directors.
"While end-market conditions remain challenging, IDT is in excellent financial shape and is well-positioned to resume growth in revenue and profits as overall economic conditions improve," said Taylor, IDT's chief executive officer. "It has been a goal of mine to find someone qualified to transition into my position and lead IDT's growth moving forward. Greg has many years of solid experience building communications businesses and possesses the skills to successfully lead the strategy development and guide the long-term direction of the company. I plan to remain at IDT through the end of this year to ensure a smooth transition."
During his six-year tenure with IDT, Taylor has led the company's focus on the communications market. He drove the increased depth and breadth of IDT's product portfolio and has built solid customer and partner relationships. Taylor also successfully aligned IDT's cost structure and has strengthened the Company's financial position.
"IDT is financially strong and has excellent technology capabilities and product leadership in its target markets," said Greg Lang, IDT's president. "I am excited about the opportunity to lead IDT as we deliver products in the enterprise, storage, wireless and telecommunications market segments. I plan to build on IDT's existing core competencies in the integration of high-speed logic and high-performance memory to develop industry-leading IC solutions for our communications customers."
About Jerry Taylor
Taylor, a 30-year semiconductor industry veteran, has led the company's focus on the communications market. Taylor joined IDT in October 1996 as vice president and general manager of memory products. Prior to assuming his current position in December 1999, Taylor served as the company's executive vice president, and was responsible for the management and strategic planning of all product areas with the exception of the company's former x86 product line. Taylor held senior management positions at Mostek, Fairchild Semiconductor, Benchmarq Microelectronics and Lattice Semiconductor before joining IDT. He received his bachelor of science degree in electrical engineering from Southern Methodist University in 1971.
About Greg Lang
Lang joined IDT in October 2001 as president. He oversees all product businesses, technology, marketing and sales functions, and also plays a critical role in directing the company's technology innovation to meet the specific requirements of its communications customers. Prior to joining IDT, Lang was vice president and general manager of the Platform Networking Group at Intel Corp. Under his leadership, the group grew to become a $1 billion business. During his 15-year tenure at Intel, Lang was also instrumental in starting six communications businesses and driving the company to become the leading supplier of Fast Ethernet and Gigabit Ethernet connections for servers, desktop and notebook computers. He also managed divisions responsible for wireless LAN, storage I/O processing and home networking solutions. Lang earned a bachelor's degree in business administration from the University of Michigan and received his master's degree in business administration from Washington State University.
About IDT
IDT enhances the global network with semiconductor solutions for communications companies that lead innovation and drive convergence in voice, data and wireless networks. IDT is focused on enhancing system bandwidth with communications-specific products including integrated communications processors, IP co-processors and telecom products. The portfolio is also comprised of key foundational products optimized for communications applications, including the industry's broadest selection of FIFOs, multi-ports, and clock management products. In addition, the product mix includes high-performance digital logic and high-speed SRAMs to meet the requirements of leading communications companies.
Headquartered in Santa Clara, Calif., the company employs approximately 3,500 people worldwide and has a wafer manufacturing facility in Oregon, and test and assembly facilities in the Philippines and Malaysia. IDT stock is traded on the Nasdaq Stock Market® under the symbol "IDTI." The company is included in the S&P 1000, which is a combination of the S&P MidCap 400 and S&P SmallCap 600 Indices, as well as the Nasdaq-100 Index® (NDX), which includes the largest non-financial companies on the Nasdaq Stock Market. Additional information about IDT is easily accessible at www.idt.com or on CD-ROM by calling 800/345-7015. The investor hotline is 408/654-6420.
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Contact:
IDT
Diana Pailthorpe, 408/492-8210
diana.pailthorpe@idt.com |
