Chief Operating Officer and Company Veteran, Tyson Tuttle, Will
Succeed Necip Sayiner
AUSTIN, Texas--(BUSINESS WIRE)--
Silicon
Laboratories Inc. (Nasdaq: SLAB), a leader in high-performance,
analog-intensive, mixed-signal integrated circuits (ICs), today
announced that Necip Sayiner will step down as president and chief
executive officer on April 18th, the day prior to the
company's Annual Shareholder Meeting. Tyson Tuttle, chief operating
officer and a 15 year company veteran will be appointed as president and
CEO at that time and will be nominated for election to the board of
directors.
Mr. Sayiner joined Silicon Labs in September 2005 and led the
transformation of Silicon Labs into a well-diversified growth business.
Strong investment discipline, unwavering focus on product execution and
emphasis on market share gains enabled the company to outperform the
industry over multiple business cycles during his tenure. Under his
leadership, the company doubled its revenue, increased its served market
by about $8 billion, and evolved from a modem and cellular-centric
company to one with more than 40 percent of revenue from broad-based
products.
"Today we have more engines of growth than any other time in our
history. The board has determined that Tyson is uniquely qualified to
lead the next chapter for Silicon Labs. I have enjoyed being part of
this special company and very talented team, and am proud of the success
we drove together," said Mr. Sayiner.
"We have a great deal of respect for Necip's leadership and are very
pleased with the significant accomplishments the company achieved during
his tenure. He brought Silicon Labs through its adolescence and created
a very strong foundation off which to build," said Nav Sooch, chairman
of the board of directors and co-founder of Silicon Laboratories. "We're
very excited about the future and feel the time is right for Tyson to
take the helm as we set our sights on growing into a dominant force in
the industry. Tyson's passion for the business and impressive track
record of commercial success sets him apart, and I am very optimistic
about the company's potential as we open the next chapter in our growth
story."
Tyson Tuttle, age 44, was identified as a strong talent early in his
career at Silicon Labs. He joined the company in 1997 and helped design
the first product, a silicon DAA that subsequently achieved market share
leadership in PCs, allowing the company to go public in 2000. Mr. Tuttle
led the marketing effort behind the company's first RF products. He also
spearheaded the development and market penetration strategy of the radio
and video ICs, creating the broadcast business that represents about a
third of the company today. Mr. Tuttle led the broadcast product lines
until 2010 when the R&D team was consolidated under his leadership as
chief technology officer. He then took over as chief operating officer
and for the last year has been responsible for managing all of the
company's business units and R&D.
Previous to joining Silicon Labs, Mr. Tuttle held senior design
engineering positions at Crystal Semiconductor/Cirrus Logic and Broadcom
Corporation. Mr. Tuttle holds an M.S. in electrical engineering from
UCLA and a B.S. in electrical engineering from Johns Hopkins University.
He has 61 patents issued in the areas of RF and mixed-signal IC design.
"I believe we have a strong business model, a best-in-class design team,
and a long runway for growth," said Mr. Tuttle. "I will be focused on
leveraging this solid framework to further optimize the business and
realize the high rate of growth I believe we're capable of over the next
decade."
Webcast and Conference Call
A brief conference call discussing the transition will follow this press
release at 4:00 p.m. central time. An audio webcast will be available
simultaneously on Silicon Laboratories' website under Investor Relations
(www.silabs.com).
A replay will be available after the call at the same website listed
above or by calling (855) 859-2056 or +1 (404) 537-3406 (international)
and by entering 57377614. The replay will be available through April 15th.
About Silicon Laboratories Inc.
Silicon Laboratories Inc. is a leading designer of high-performance,
analog-intensive, mixed-signal integrated circuits (ICs) for a broad
range of applications. Silicon Laboratories' diverse portfolio of highly
integrated, patented solutions is developed by a world-class engineering
team with expertise in cutting-edge mixed-signal design. The company has
design, engineering, marketing, sales and applications offices
throughout North America, Europe and Asia. For more information about
Silicon Laboratories, please visit www.silabs.com.
Forward-Looking Statements
This press release contains forward-looking statements based on Silicon
Laboratories' current expectations. The words "believe," "estimate,"
"expect," "intend," "anticipate," "plan," "project," "will" and similar
phrases as they relate to Silicon Laboratories are intended to identify
such forward-looking statements. These forward-looking statements
reflect the current views and assumptions of Silicon Laboratories and
are subject to various risks and uncertainties that could cause actual
results to differ materially from expectations. Among the factors that
could cause actual results to differ materially from those in the
forward-looking statements are the following: risks that Silicon
Laboratories may not be able to maintain its historical growth;
quarterly fluctuations in revenues and operating results; volatile stock
price; average selling prices of products may decrease significantly and
rapidly; difficulties developing new products that achieve market
acceptance; dependence on a limited number of products and customers;
intellectual property litigation risks; inventory-related risks; risks
associated with acquisitions; difficulties managing international
activities; difficulties managing our manufacturers and subcontractors;
risks that Silicon Laboratories may not be able to manage strains
associated with its growth; credit risks associated with our accounts
receivable; dependence on key personnel; risks associated with
divestitures; geographic concentration of manufacturers, assemblers,
test service providers and customers in Asia that subjects Silicon
Laboratories' business and results of operations to risks of natural
disasters, epidemics, war and political unrest; the competitive and
cyclical nature of the semiconductor industry and other factors that are
detailed in Silicon Laboratories' filings with the SEC. Silicon
Laboratories disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise.
Note to editors: Silicon Laboratories, Silicon Labs and the Silicon
Labs logo are trademarks of Silicon Laboratories Inc. All other product
names noted herein may be trademarks of their respective holders.
Silicon Laboratories Inc.
Shannon Pleasant, 512-464-9254
shannon.pleasant@silabs.com
Source: Silicon Laboratories Inc.
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