SiRF Technology Holdings Inc. (SIRF), a provider of GPS-enabled silicon and premium software location platforms, announced the resignation of Michael Canning as its CEO, President and board member, effective immediately. The company said that Diosdado Banatao, a founder, and chairman of the board of directors, was appointed executive chairman and has assumed the role of interim president and CEO. Banatao has served as chairman of the company's board of directors since its inception and was the initial outside investor in SiRF. He is a managing partner at Tallwood Venture Capital. Previously, Banatao was a venture partner at Mayfield Fund. He founded S3 Inc, now known as SonicBlue Inc., where he served as president and CEO from January 1989 to January 1992. He also served as chairman of SonicBlue from January 1992 to December 1997, and co-founded Chips & Technologies and Mostron.Michael Canning has over 20 years' executive management experience in the semiconductor industry. He was a founding executive at Cirrus Logic Inc, where he contributed to the company's success with revenue growth from zero to $1.1 billion in ten years. At Cirrus, he served as president and CEO of the company's Mass Storage Co, where he was responsible for $400 million in revenues. Canning also served as president and CEO of Stream Machine Co., a digital video compression company, where he raised $33 million in funding, and later arranged a successful acquisition by Cirrus Logic.Banatao said, We are very appreciative of Michael's contribution to the success of SiRF and wish him all the best. We started SiRF with a vision to bring GPS to consumers and I am very excited about leading the company to the next level. In March, SiRF Technologies lowered its revenue forecast for the first quarter, citing greater than expected softness in demand for Personal Navigation Devices, or PND, and said that it will cut about 7% of its workforce by September. The company also said it will close its South San Francisco and the Stockholm, Sweden offices, both of which are expected to be completed by the end of September 2008.SIRF closed Thursday's regular trading session at $5.47, up $0.09 or 1.67% on a volume of 1.80 million shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.