SAN FRANCISCO Allen Alley plans to resign as president and CEO of display IC vendor Pixelworks Inc., effective Dec. 31, Pixelworks said Wednesday (Dec. 13). Alley, who founded Pixelworks in 1997, will continue to serve as the company's chairman.
Hans Olsen, currently executive vice president and chief operating officer, will serve as the Pixelworks' interim president and CEO until Alley's successor is selected, Pixelworks (Tualatin, Ore.) said.
"It is possible that the resignation is related to the firm's recent turnaround plan to streamline operations," wrote Craig Berger, an analyst with Wedbush Morgan Securities, in a research note published Wednesday. "We believe that the company may be preparing itself to be sold."
Alley's resignation announcement comes one week after Richard Tobias, a former vice president of Toshiba's ASIC and foundry unit, resigned as chief technology officer and board member at Pixelworks.
Pixelworks Wednesday updated its fourth quarter revenue estimate to between $28 million and $30 million, within the range previously announced guidance of $28 million and $32 million for the quarter.