Exar Corp. announced that Pete Rodriguez has resigned as Chief Executive Officer and President of the Company and as a member of the Board of Directors.
"I am proud of the successes that have been achieved during my tenure as President and CEO but I have decided, for personal reasons, to resign," said Pete Rodriguez. "I believe the Company has an excellent leadership team and now has a much stronger basis for profitable growth. I remain optimistic about the Company’s future."
Richard Leza, Chairman of Exar’s Board of Directors, will assume, on an interim basis, the duties of Chief Executive Officer and President, effective immediately. The Board of Directors will immediately commence a search for a permanent replacement for the Chief Executive Officer and President. Leza will continue to serve as a member of the Board of Directors and on the Compensation and Corporate Governance and Nominating Committees of the Board.
Schmitt was named CEO upon the acquisition of Sipex on August 25, 2007. Prior to its acquisition by the Exar, he served as CEO of Sipex. Earlier, he was the executive VP of sales, marketing and business development at Cypress Semiconductor where he was responsible for the transformation of the organization and strategy from a product-based to a market-based approach.
While sales for the latest quarter were up, the company reported losses. During the last quarter, Exar completed layoffs and restructuring that has generated a substantial headcount reduction.
