TechWeb

Zilog Chairman, CEO Resigns

Aug 30, 2006 (04:08 PM EDT)

Read the Original Article at http://www.informationweek.com/news/showArticle.jhtml?articleID=192500727


SAN JOSE, Calif. — Chip maker Zilog Inc. late Wednesday (August 30) said that Jim Thorburn, its chairman and CEO, has resigned.

He has been replaced by Robin Abrams, who currently serves on the company's board. Abrams, most recently CEO of Firefly Mobile, will act as CEO on an interim basis while the board searches for a permanent replacement.

"Since joining the company in 2001, we completed our financial recapitalization, and refocused our product strategy with the result of establishing a solid financial foundation," Thorburn said in a statement. "I felt the time was now right for me to step aside to allow new leadership to steer Zilog on its next phase of growth."

"Our guidance for the second fiscal quarter of 2007 remains the same as previously stated," said executive vice president and CFO Perry Grace. "We are fully committed and confident about our ability to deliver our long term business plan. Improving gross margins and growing the top line remain key elements of that plan."

Recently, Zilog said sales for the quarter were $21.0 million representing a sequential increase of 4 percent over sales of $20.1 million in the immediately preceding quarter and a 2 percent increase as compared to sales for the first quarter of fiscal 2006 ended June 30, 2005.

GAAP net loss for the quarter was $1.5 million or 9 cents per share as compared to a GAAP net loss of $2.8 million or 16 cents per share in the previous quarter and a GAAP net loss of $6.1 million or 38 cents per share in the first fiscal quarter a year ago.