Thursday March 5, 6:29 pm Eastern Time
Company Press Release
Cirrus Logic Announces Management Changes
Chairman/CE0 Michael L. Hackworth Reassumes Presidential Duties
FREMONT, Calif.--(BUSINESS WIRE)--March 5, 1998--Cirrus Logic Inc. (NASDAQ:CRUS - news) today announced that Michael L. Hackworth, 57, chairman and CEO, has reassumed the position of president and the responsibility for operations throughout the company. In a related move, the company has dissolved the Office of the President occupied by Thomas F. Kelly, 45, chief operating officer and George N. Alexy, 49, chief products and marketing officer.
Alexy has reassumed his former position as senior vice president of marketing reporting to Hackworth, while continuing to act as vice president and general manager of the company's PC Products Division. Kelly, who joined the company two years ago to help drive the company's restructuring, is resigning his full time position, effective March 6, 1998. He will continue to work with Cirrus Logic as a consultant to complete specific projects already underway.
''I have truly enjoyed playing a key management role in strengthening Cirrus Logic's operational and financial performance,'' said Kelly. ''I'm happy to say that the job I set out to do two years ago is substantially completed and I look forward to my next challenge.''
Commenting on the changes, Hackworth said, ''I want to thank both George and Tom for assuming the Office of the President duties when I asked them, and I wish Tom every success in his next endeavor.'' He noted that Cirrus Logic is now focused on expanding its position in the Storage and Mixed Signal IC markets, while building a new position in the Communications market. ''In our drive to achieve consistent profitable growth, the pace of our progress will hinge on how well we pick the right new products and markets -- and how effectively we execute in bringing new products to market,'' he added.
Cirrus Logic is a premier supplier of system-level integrated circuits that demand high-performance mixed-signal processing. The company applies its system expertise to enable high-volume applications in data storage, networking, and multimedia for both computing and consumer electronics markets as well as ultra-high-precision data acquisition applications for industrial automation and instrumentation markets.
Cirrus Logic news releases may be obtained by fax by dialing 1-800-359-6414, or by dialing 510-249-4200 from outside the United States, or via Internet on the world wide web at cirrus.com |
