MANHASSET, N.Y. Semiconductor supplier Agere Systems Inc. has appointed Richard Clemmer president and chief executive of semiconductor supplier Agere Systems, replacing John Dickson who has decided to retire.
Agere (Allentown, Pa.) has undergone restructuring since its spin-off from Lucent in 2001, often struggling with profitability. The company managed to post a profit in its June fiscal quarter, with help of a $120 million tax benefit
Clemmer 53, has served on Agere’s board of directors since Oct. 2002. Since 2004, Clemmer has been partner at Shelter Capital Partners, a private investment fund focused on technology startups.
Dickson is the second key Agere executive to leave in recent months, with Peter Kelly
replacing John Gamble as chief financial officer in August.
Agere also announced financial results for the fourth fiscal 2005 quarter ended Sept. 30. Agere posted net income of $7 million or or 4 cents per share on sales of $416 million, compared to the year-ago net loss of $127 million or 74 cents per share on sales of $439 million. Agere earned $120 million, or 66 cents per share or sales of $433 million in the previous quarter.
For the full fiscal 2005 year, the company posted a net loss of $8 million or 4 cents per share on sales of $1.68 billion, compared to a net loss of $90 million, or 52 cents per share on sales of $1.91 billion in fiscal 2004.
"The company made great strides in fiscal 2005 by improving earnings per share, pro forma gross margin and the balance sheet," said Clemmer in a statement. "The key challenge for 2006 is driving revenue growth."
For the December quarter, Agere projects revenue of $390 million to $410 million, with a net loss of 13 to 19 cents per share.