ALISO VIEJO, Calif. — (BUSINESS WIRE) — May 17, 2013 — QLogic Corp. (Nasdaq: QLGC) today announced that Simon Biddiscombe has resigned his positions as president and chief executive officer and also as a director in order to pursue other opportunities. Simon’s resignation was effective immediately.
The Board has appointed CFO Jean Hu, 49, as CEO on an interim basis. Hu currently serves a senior vice president and chief financial officer. She oversees all company financial matters and will retain her CFO responsibilities during the interim period.
The Board will begin an immediate search for a permanent CEO, and the search committee will be led by William M. Zeitler.
“On behalf of the Board, I would like to thank Simon Biddiscombe for his contributions to QLogic over the last five years. We wish Simon well in his future endeavors,” said H.K. Desai, chairman of the board and executive chairman, QLogic.
The company reaffirms its non-GAAP financial guidance for the first quarter of fiscal year 2014.
QLogic – the Ultimate in Performance
QLogic (Nasdaq: QLGC) is a global leader and technology innovator in high performance networking, including adapters, switches and ASICs. Leading OEMs and channel partners worldwide rely on QLogic products for their data, storage and server networking solutions. For more information, visit www.qlogic.com.
Disclaimer – Forward-Looking Statements
This press release contains statements relating to future results of the company (including certain beliefs and projections (including the first quarter financial guidance discussed above) regarding business and market trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements. The company advises readers that these potential risks and uncertainties include, but are not limited to: unfavorable economic conditions; potential fluctuations in operating results; gross margins that may vary over time; the stock price of the company may be volatile; the company's dependence on the networking markets served; the ability to maintain and gain market or industry acceptance of the company's products; the company's dependence on a small number of customers; the company's ability to compete effectively with other companies; the complexity of the company's products; declining average unit sales prices of comparable products; the company's dependence on sole source and limited source suppliers; the company's dependence on relationships with certain third-party subcontractors and contract manufacturers; the ability to attract and retain key personnel; sales fluctuations arising from customer transitions to new products; seasonal fluctuations and uneven sales patterns in orders from customers; a reduction in sales efforts by current distributors; changes in the company's tax provisions or adverse outcomes resulting from examination of its income tax returns; international economic, currency, regulatory, political and other risks; facilities of the company and its suppliers and customers are located in areas subject to natural disasters; the ability to protect proprietary rights; the ability to satisfactorily resolve any infringement claims; uncertain benefits from strategic business combinations, acquisitions and divestitures; declines in the market value of the company's marketable securities; changes in and compliance with regulations; difficulties in transitioning to smaller geometry process technologies; the use of "open source" software in the company's products; and security system risks, data protection breaches and cyber-attacks.
More detailed information on these and additional factors which could affect the company's operating and financial results are described in the company's Forms 10-K, 10-Q and other reports filed, or to be filed, with the Securities and Exchange Commission. The company urges all interested parties to read these reports to gain a better understanding of the business and other risks that the company faces. The forward-looking statements contained in this press release are made only as of the date hereof, and the company does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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