Semtech Appoints Semiconductor Industry Leader, Hong Q. Hou, as President and CEO
07 Juin 2024 - 2:30PM
Business Wire
Dr. Hou Brings Technical, Operational and
Strategic Leadership in Hyperscale and Semiconductor Industries
Follows Departure of Paul H. Pickle as
President and CEO
Reaffirms Second Quarter Fiscal Year 2025
Guidance
Semtech Corporation (“Semtech” or the “Company”) (Nasdaq: SMTC),
a high-performance semiconductor, IoT systems, and connectivity
service provider, today announced the appointment of Dr. Hong Q.
Hou, a current member of the Semtech Board of Directors, as
President and Chief Executive Officer, effective June 6, 2024. Dr.
Hou’s appointment follows Paul H. Pickle’s departure as President
and Chief Executive Officer.
“We are pleased to have made measurable progress stabilizing the
business by reducing operating expenses and establishing a strong
financial foundation, positioning Semtech to capture future growth
opportunities, and we will continue to maintain that rigor going
forward,” said Ye Jane Li, Chair of the Semtech Board’s Nominating
and Governance Committee. “Hong is an exceptional leader, and the
Board is excited to have him execute the Company’s strategy and
take Semtech to its next phase of innovation and growth. Hong
brings deep technical, operational and strategic leadership in the
hyperscale and semiconductor industries and is already intimately
familiar with Semtech’s business.”
“I joined Semtech not only because of my experience with and
passion for the industry, but because of this Company’s unique
opportunity to leverage its strong team and formidable portfolio of
highly innovative technologies and products in supporting AI and
IoT revolutions currently underway,” said Dr. Hou. “I am acutely
focused on maintaining our financial discipline while we position
Semtech to capitalize on the compelling technological trends ahead.
I am confident in our goals to generate strong and sustained value
for our stockholders long into the future.”
The Company also reaffirmed its second quarter fiscal year 2025
guidance provided on June 5, 2024. Mr. Pickle’s departure is
unrelated to Semtech’s operational or financial performance, did
not involve a violation of the Company’s code of conduct, and does
not have an impact on any previously reported financial statements.
The Board’s decision resulted from differences between the Board
and Mr. Pickle on how the CEO and the Board should work together in
the best interests of stockholders.
About Hong Q. Hou
Dr. Hou has served as a member of the Semtech Board of Directors
since July 2023, and is an accomplished multinational executive,
recognized as a global enterprise leader with a strong technical
and business transformation record in dynamic ultra-competitive
markets. Dr. Hou most recently served as president of the
Semiconductor Group at Brooks Automation, a leading provider of
automated wafer handling and contamination control solutions for
the semiconductor manufacturing industry. Prior to that, Dr. Hou
was Corporate Vice President and General Manager of the cloud and
edge networking group of Intel Corporation. He held executive
leadership positions at Fabrinet (CTO), AXT (COO), and EMCORE (CEO)
before that. He holds a Ph.D. in Electrical Engineering from the
University of California at San Diego and also has completed
Executive Management courses at Stanford Business School.
About Semtech
Semtech Corporation (Nasdaq: SMTC) is a high-performance
semiconductor, IoT systems, and cloud connectivity service provider
dedicated to delivering high-quality technology solutions that
enable a smarter, more connected, and sustainable planet. Our
global teams are committed to empowering solution architects and
application developers to develop breakthrough products for the
infrastructure, industrial and consumer markets. To learn more
about Semtech technology, visit us at Semtech.com or follow us on
LinkedIn or X.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, as amended, based on the
Company’s current expectations, estimates and projections about its
operations, industry, financial condition, performance, results of
operations, and liquidity. Forward-looking statements are
statements other than historical information or statements of
current condition and relate to matters such as future financial
performance; future operational performance; the anticipated impact
of specific items on future earnings; the Company’s expectations
regarding near term growth trends; and the Company’s plans,
objectives and expectations. Statements containing words such as
“may,” “believes,” “anticipates,” “expects,” “intends,” “plans,”
“projects,” “estimates,” “should,” “could,” “designed to,”
“projections,” or “business outlook,” or other similar expressions
constitute forward-looking statements.
Forward-looking statements involve known and unknown risks and
uncertainties that could cause actual results and events to differ
materially from those projected. Potential factors that could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to: the
Company’s ability to comply with, or pursue business strategies due
to the covenants under the agreements governing its indebtedness;
the Company’s ability to remediate material weakness in its
internal control over financial reporting, discovery of additional
weaknesses, and its inability to achieve and maintain effective
disclosure controls and procedures and internal control over
financial reporting; the Company’s ability to forecast and achieve
anticipated net sales and earnings estimates in light of periodic
economic uncertainty; the inherent risks, costs and uncertainties
associated with integrating Sierra Wireless successfully and risks
of not achieving all or any of the anticipated benefits, or the
risk that the anticipated benefits may not be fully realized or
take longer to realize than expected; the uncertainty surrounding
the impact and duration of supply chain constraints and any
associated disruptions; export restrictions and laws affecting the
Company’s trade and investments, and tariffs or the occurrence of
trade wars; worldwide economic and political disruptions, including
as a result of inflation and current geopolitical conflicts;
tightening credit conditions related to the United States banking
system concerns; competitive changes in the marketplace including,
but not limited to, the pace of growth or adoption rates of
applicable products or technologies; downturns in the business
cycle; decreased average selling prices of the Company’s products;
the Company’s reliance on a limited number of suppliers and
subcontractors for components and materials; changes in projected
or anticipated end-user markets; future responses to and effects of
public health crises; and the Company’s ability to forecast its
annual non-GAAP normalized tax rate due to material changes that
could occur during the fiscal year, which could include, but are
not limited to, significant changes resulting from tax legislation,
acquisitions, entity structures or operational changes and other
significant events. Additionally, forward-looking statements should
be considered in conjunction with the cautionary statements
contained in the risk factors disclosed in the Company’s filings
with the Securities and Exchange Commission (the “SEC”), including
the Company’s Annual Report on Form 10-K for the fiscal year ended
January 28, 2024, which was filed with the SEC on March 28, 2024,
as such risk factors may be amended, supplemented or superseded
from time to time by subsequent reports the Company files with the
SEC. In light of the significant risks and uncertainties inherent
in the forward-looking information included herein that may cause
actual performance and results to differ materially from those
predicted, any such forward-looking information should not be
regarded as representations or guarantees by the Company of future
performance or results, or that its objectives or plans will be
achieved or that any of its operating expectations or financial
forecasts will be realized. Reported results should not be
considered an indication of future performance. Investors are
cautioned not to place undue reliance on any forward-looking
information contained herein, which reflect management’s analysis
only as of the date hereof. Except as required by law, the Company
assumes no obligation to publicly release the results of any update
or revision to any forward-looking statements that may be made to
reflect new information, events or circumstances after the date
hereof or to reflect the occurrence of unanticipated or future
events, or otherwise.
Semtech and the Semtech logo are registered trademarks or
service marks of Semtech Corporation or its subsidiaries.
SMTC-F
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Sara Kesten Semtech Corporation (805) 480-2004
webir@semtech.com
Semtech (NASDAQ:SMTC)
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