Integrated Device Technology Inc. said its president and CEO Greg Lang will be leaving the company once a replacement has been found. The company did not offer additional explanations for Lang's decision to leave less than five years after being named CEO.
Lang, 43, joined IDT in October 2001, and was appointed to his current position less than two years later in January 2003. He was previously with Intel where he headed the company's platform networking group.
IDT has successfully transformed from a vertically integrated, commodity SRAM company to a high-value mixed signal products company," Lang said in a statement. "We have accomplished the major goals I set out to achieve since joining IDT so it is a good time for me to look for my next challenge."
The mixed signal semiconductor company also reported net income of $4.8 million, or 2 cents per share, for the fiscal second quarter ended September 30, as margin improved and operating expenses decreased from the year-ago quarter when IDT posted a net loss of $663,000.
Revenue in the September quarter fell slightly to $204.1 million, from $205.2 million, in the fiscal year-ago quarter. Revenue rose sequentially, however, from $199 million in the June quarter. Gross margins rose one point to 43.2 percent from 42.2 percent in the September 2006 quarter.
"We delivered solid results in our fiscal second quarter of 2008 with sequential growth in revenue, gross margin, and earnings per share," said Lang.
"Revenue growth came primarily from two areas. First, our computing end market grew better than seasonal expectations with our PC Clock and PC Audio product lines showing double-digit sequential growth," Lang added. "Second, our consumer end market showed substantial growth across a range of platforms."