SANTA CLARA, CALIF., October 18 /CNW/ - PMC-Sierra, Inc. (NASDAQ: PMCS),
today announced that Bob Bailey will be retiring as the Company's president
and chief executive officer once a replacement has been named. He will remain
chief executive officer in the meantime. The Company's board of directors has
established a search committee and will be considering both internal and
external candidates for the position. Bailey will continue to serve as
chairman of the board through his current term.
Mr. Bailey joined PMC-Sierra, one of the broadband communications
semiconductor pioneers, in 1993. Bailey has been PMC-Sierra, Inc.'s president
and chief executive officer since July 1997. He's been chairman of the board
since May 2005 to current, and also served as chairman from February 2000
until February 2003. Bailey has been a director of PMC-Sierra since October
1996. He led the Company through an intense period of change within the
semiconductor industry and successfully diversified PMC-Sierra's product line
and customer base globally.
"On behalf of PMC-Sierra's board of directors, I'd like to thank Bob for
his outstanding leadership over the past 14 years. Bob's vision and
determination contributed immensely to PMC's enviable market position,
financial strength, and growth prospects," said Frank Marshall, lead
independent director of PMC-Sierra's board of directors, and a member of the
newly formed chief executive officer search committee. "We are pleased Bob is
committed to remaining through the search period to ensure a smooth and
"I would like to thank the board of directors and the employees of
PMC-Sierra for the dedication and hard work applied to re-engineer the Company
in the last seven years. I believe there is no better Company positioned to
provide the technologies to build the next generation Internet. Our growth
prospects and technology offerings are the best they have been since the late
1990's. It is because of these facts and my desire to pursue some important
personal endeavors, unrelated to business, that it is an appropriate time to
initiate a search for my successor. I am confident in the management's ability
to execute PMC-Sierra's well-established mission. We are all excited about the
future for PMC-Sierra," said Bob Bailey, chief executive officer and chairman
of the board of PMC-Sierra, Inc.
Safe Harbor Statement
PMC-Sierra's forward-looking statements are subject to risks and
uncertainties. Actual results may differ from these projections. The Company's
SEC filings describe more fully the risks associated with the Company's
business including PMC-Sierra's limited revenue visibility due to variable
customer demands, market segment growth or decline, orders with short delivery
lead times, customer concentration, and the uncertain timing of expense
reductions associated with corporate restructurings and their related impact
on PMC's business. The Company does not undertake any obligation to update the
PMC-Sierra(TM) is a leading provider of broadband communications and
storage semiconductors for metro, access, fiber to the home, wireless
infrastructure, storage, laser printers, and fiber access gateway equipment.
PMC-Sierra offers worldwide technical and sales support, including a network
of offices throughout North America, Europe, Israel and Asia. The company is
publicly traded on the NASDAQ Stock Market under the PMCS symbol. For more
information, visit www.pmc-sierra.com.
(C) Copyright PMC-Sierra, Inc. 2007. All rights reserved. PMC is a
registered trademarks of PMC-Sierra, Inc. in the United States and other
countries. PMC-SIERRA, PMCS, and "Enabling connectivity. Empowering people."
are trademarks of PMC-Sierra, Inc. Other product and company names mentioned
herein may be trademarks of their respective owners.
For further information:
For further information: PMC-Sierra, Inc. Mike Zellner, 408-988-1204
Vice President & CFO or David Climie, 408-988-8276 VP Marketing Communications
or Susan Shaw, 408-988-8515 Senior Manager, Communications