Atmel Corporation Appoints Steve Skaggs as Interim Chief Financial Officer
Company Raises Midpoint of Q1 2013 Revenue Guidance
SAN JOSE, Calif., April 2, 2013
SAN JOSE, Calif., April 2, 2013 /PRNewswire/ --Atmel® Corporation (NASDAQ:
ATML), a leader in microcontroller and touch technology solutions, today
announced that Steve Skaggs, who currently serves as Atmel's Senior Vice
President of Corporate Strategy & Development, has also been appointed interim
Chief Financial Officer of Atmel, effective immediately. This appointment
follows Stephen Cumming's decision to resign as Atmel's Vice President of
Finance and Chief Financial Officer. Mr. Cumming will remain with Atmel for a
short period to facilitate the transition.
"We are pleased that someone of Steve Skaggs' caliber has agreed to step in as
interim CFO," stated Steven Laub, President and Chief Executive Officer. "He
brings over 20 years of experience in the semiconductor industry, including
leadership experience as both a CEO and CFO at another publicly traded
semiconductor company. With our experienced management team, including recent
additions of senior operations and business unit executives, and under Steve's
guidance of the finance organization, we fully expect to grow revenue, enhance
margins and expand earnings throughout this year."
Commenting on Mr. Cumming, Mr. Laub said, "We appreciate Stephen's
contributions to Atmel, which have reinforced our solid financial foundation.
We wish him the best in his future endeavors."
Mr. Cumming said, "I am proud to have been a part of Atmel for the past five
years, and feel honored to have worked alongside such an outstanding team of
talented professionals. I plan to help management as needed during this
The company intends to retain a leading executive search firm to assist in the
search for a permanent CFO.
Atmel noted that Mr. Cumming's separation is not related to any disputes with
the company or any issues regarding the integrity of the company's financial
statements or accounting policies and practices.
Atmel also raised the lower end of its previously announced guidance range for
first quarter 2013 revenues to $318 million to $328 million from the prior
range of $311 million to $328 million.
Mr. Skaggs joined Atmel in 2010. He worked previously at Lattice
Semiconductor, where he served as President and CEO and also as CFO. Prior to
Lattice, Mr. Skaggs was employed by Bain & Company, an international strategic
consulting firm, where he specialized in high technology product strategy,
mergers and acquisitions and corporate restructurings. He holds an MBA degree
from the Harvard Business School and a BS degree in Chemical Engineering from
the University of California, Berkeley.
Atmel Corporation (NASDAQ: ATML) is a worldwide leader in the design and
manufacture of microcontrollers, capacitive touch solutions, advanced logic,
mixed-signal, nonvolatile memory and radio frequency (RF) components.
Leveraging one of the industry's broadest intellectual property (IP)
technology portfolios, Atmel is able to provide the electronics industry with
complete system solutions focused on industrial, consumer, communications,
computing and automotive markets.
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Information in this release regarding Atmel's forecasts, business outlook,
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operating and financial performance, including our earnings outlook and the
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performance and actual results could differ materially from our current
expectations. Factors that could cause or contribute to such differences
include, without limitation, general economic conditions (including solvency
issues affecting various European countries, economic slowdowns in China, and
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of the semiconductor industry; the inability to realize anticipated benefits
related to our restructuring activities or other initiatives in a timely
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to our business caused by our increased dependence on outside foundries,
industry and/or company overcapacity or under capacity, including capacity
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industry wide shifts in supply and demand for semiconductor products;
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litigation in which we may be involved or in which our customers may be
involved, especially in the mobile device sector), the possible unfavorable
results of legal proceedings, and other risks detailed from time to time in
Atmel's SEC reports and filings, including our Form 10-K for the year ended
December 31, 2012, filed on February 26, 2013 and our subsequent Form 10-Q
reports. Atmel assumes no obligation and does not intend to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
Director, Investor Relations
Sander Arts, Vice President of Corporate Marketing
SOURCE Atmel Corporation
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