SAN JOSE, Calif. -- Probe-card maker Cascade Microtech Inc. said that its chief executive, Geoff Wild, has resigned.
Wild, who will leave the company at the end of this month, has accepted a position in an undisclosed organization in the electronic materials industry based in Asia.
A selection process to find and appoint a replacement has begun. F. Paul Carlson, lead director and a director of the company for 17 years, has assumed the position of chairman and CEO during this transition period.
Wild will assist him as president during the month of December. Eric Strid, co-founder and chairman, will remain as chief technical officer and a member of the board, continuing to focus on developing the company's technology base.
Cascade has been hit hard by the downturn. The company recently reported sales of $14.0 million in Q3, up 11 percent from Q2. It posted a net loss of $1.4 million, or minus $0.11 per share for Q3, compared to a net loss of $1.6 million, or minus $0.12 per share, in Q209.
Based on the current backlog and anticipated bookings, Cascade anticipates that fourth quarter 2009 revenues will be in the range of $14 million to $16 million.
Rival FormFactor Inc. has also suffered. Quarterly revenues were $43.8 million, up 40.4 percent from $31.2 million in the second quarter of fiscal 2009, and down 16.7 percent from $52.6 million in the third quarter of fiscal 2008.
Net loss for the third quarter of fiscal 2009 was $23.9 million, or minus $0.48 per share, compared to a net loss for the second quarter of fiscal 2009 of $65.8 million, or minus $1.33 per share, and a net loss for the third quarter of fiscal 2008 of $14.0 million or minus $0.29 per share.