DiNardo Departs Exar Corp.
Exar Corporation today announced that its Board of Directors has appointed Chairman of the Board, Richard L. Leza, as interim President and Chief Executive Officer. Mr. Leza's appointment follows a mutual agreement by the Company's Board of Directors and Louis DiNardo that he will step down as President and Chief Executive Officer and as a member of the Board of Directors.
As interim President and Chief Executive Officer, Mr. Leza will work closely with Exar's executive team and Board of Directors to oversee the Company's ongoing operations and strategic initiatives. The Board will immediately commence a search for a permanent replacement for the President and Chief Executive Officer. Mr. Leza will continue to serve as a member of the Board of Directors. "On behalf of the Board of Directors, I want to thank Lou for his many contributions to Exar and wish him the best," said Richard Leza.
Exar also reported preliminary second quarter fiscal year 2016 non-GAAP revenue of approximately $37 million and non-GAAP earnings per share of $0.06. The company will provide a business update and discuss its second quarter fiscal year 2016 financial and operating results details on its earnings conference call already scheduled for Thursday, November 5, 2015.