Monday, MIPS Technologies, Inc. (MIPS), a provider of embedded processors and related intellectual property, announced that its President and Chief Executive Officer John Bourgoin intends to retire at the end of the calendar year. The company said its board of directors plans to begin an immediate search for a successor, which is expected to take three to six months.
Bourgoin said, "Now that we have completed the divestiture of our Analog Business Group and bolstered our balance sheet to a strong position despite the challenging economy, it is a good time for me to step down. I am giving ample notice so the board can complete a thorough search, and we can have a smooth transition."
Bourgoin, who has been president of the company since 1996, and CEO since February 1998, will remain in his roles through the end of the calendar year unless his successor is appointed earlier, the company said. He led MIPS Technologies through its IPO in 1998.
Tony Holbrook, the company's board chairman, stated, "The board accepts John's decision to retire with appreciation for his leadership and with pride in his impact on both MIPS and our industry. Under John's leadership, MIPS Technologies has emerged as a leading supplier of microprocessor IP, and has garnered a leading share in many consumer electronics market segments. We look forward to a seamless transition to John's successor, to lead the company in the next phase of its growth."
In March, MIPS appointed Art Swift as vice president of marketing. Previously Swift had worked with Unidym, Inc., Transmeta Corp., embedded software provider Lynuxworks, and chipmaker Cirrus Logic.
While announcing the sale of its Analog Business Group in May to electronic design automation company Synopsys, Inc. (SNPS) for $22 million in cash, MIPS had said that the transaction would increase profitability and allow it to address on core competencies in microprocessor IP. The Analog Business Group was formed through MIPS' acquisition of Chipidea Microelectronica S.A. in August 2007.
MIPS closed Friday's regular trading session at $2.90, up $0.10, on a volume of 235 thousand shares.
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