QLogic Announces Leadership Change
ALISO VIEJO, Calif. -- May 17, 2013
QLogic 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 effective
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
The company reaffirms its non-GAAP financial guidance for the first quarter of
fiscal year 2014.
QLogic – the Ultimate in Performance
QLogic (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, visit www.qlogic.com.
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.
Steve Sturgeon, 858-472-5669
Jean Hu, 949-389-7579
Press spacebar to pause and continue. Press esc to stop.