Terry Holdt Named CEO, President and Chairman; Gary Johnson Appointed Vice
Chairman of the Board; Diosdado Banatao Resigns as Chairman But Remains on the
Board
SANTA CLARA, Calif., Dec. 19 /PRNewswire/ -- S3(R) Incorporated
(NASDAQ:SIII) today announced it has appointed Terry Holdt as its Chief
Executive Officer, President and Chairman of the Board. Gary Johnson has been
named Vice Chairman of the Board and co-founder Diosdado Banatao has resigned
as Chairman of the board, but will continue to serve as a member of its Board
of Directors.
"I look forward to returning to full-time operational responsibility at
the helm," said Terry Holdt. "Based on products currently under development,
I expect S3 to re-enter the high end of the PC graphics market in 1998. Gary
will remain to support me by continuing to focus on a number of key strategic
initiatives he launched during the last year and Dado will remain on the Board
and assist on strategic direction."
"Having remained active as Vice Chairman at S3 since my retirement from
full-time CEO duties in August 1996, I expect to assume responsibility of S3's
core business immediately," said Terry Holdt. "I am extremely committed to
S3, with my ultimate goal of bringing in a long-term replacement for me to
lead the company through its next level of growth."
Mr. Banatao indicated that his growing level of outside commitments had
necessitated the change in his role at the Company. "I am currently involved
with a number of start-ups, in which I have participated as a seed investor
and Board member. As these companies have grown, the time demands on me have
increased and caused me to re-evaluate the nature of my time commitments. I
remain on the S3 Board, however, and am committed to its success."
The composition of the Board of Directors remains unchanged with S3's
co-founders, Dado Banatao and Ron Yara, continuing as Directors of the
Company.
Mr. Holdt served as President, CEO and a Director of the Company from
January 1992 until his retirement in August 1996, and has remained active at
S3 since 1996 as Vice Chairman of the Board. Mr. Holdt is a veteran with
29 years experience in the semiconductor industry, having previously served in
executive positions with a number of companies, including Linear Corporation
and Western Digital Corporation. Mr. Holdt holds a B.S.E.E. and a M.S.E.E.
from the University of Illinois.
About S3 Incorporated
S3 Incorporated, founded in 1989 with headquarters in Santa Clara,
California, is the world's largest supplier of multimedia acceleration
hardware and its associated software.(*) S3 is committed to applying its
expertise in audio, video, graphics and platform acceleration to create
innovative and affordable products for the home, desktop and mobile markets.
The company's vision for the future is to also bring a rich, consumer
electronics-type experience to PC users -- integrating the best available
consumer multimedia technologies into the mainstream PC platform.
Except for historical information contained herein, the matters set forth
in this press release, such as statements relating to the company's ability to
drive technological developments, the timing of scheduled product
introductions, and the ability of the company to successfully integrate new
technologies, are forward-looking statements that are subject to risk and
uncertainties, including the impact of competitive products and pricing and of
alternative technological advances, the timely and successful development,
both alone and with the company's development partners, of new products and
upgrades to existing products, market acceptance of the company's new
products, and other risks detailed from time to time in S3's SEC reports.
S3 is a registered trademark of S3 Incorporated. The S3 corporate logo is a
trademark of S3 Incorporated. Other marks referenced herein are the property
of their respective owners.
NOTE: Source: Mercury Research
SOURCE S3 Incorporated
-0- 12/19/97
/CONTACT: media, Kelly Morris, Corporate Communications, 408-588-8023;
or investors, Walt Amaral, Sr. VP of Finance, CFO, 408-588-8007, both of S3/
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:SIII
S3 Inc
STOCK JUST JUMPED TO 5 1/2 X 5 9/16 ON THE NEWS IN THE FIRST 3 MINUTES |
