MANHASSET, N.Y. NeoMagic Corp. announced Friday (April 22) that co-founder Prakash Agarwal has resigned as president, chief executive, and board member, with vice president of worldwide sales Doug Young assuming Agarwal's duties.
NeoMagic (Santa Clara, Calif.). which supplies multimedia applications processors, has been led by Agarwal since the company's founding in 1993. Though Agarwal said his reason for stepping down was "to pursue other interests", NeoMagic has incurred losses in recent fiscal quarters and implemented headcount reductions to lower costs. In addition, several Board members have resigned.
Young joined NeoMagic in February of 2004. Previously, Young was senior vice president of worldwide Sales for Planetweb, Inc., a provider of embedded multimedia application and browser software for consumer electronics devices. Besides Plantweb, Young has worked for IBM, Storage Technology Corp., Unilease Computer Corp., Data General and Hitachi Data Systems.