SAN JOSE, Calif. -- Amid a string of losses, Ikanos Communications Inc. said that effective immediately Michael Gulett has resigned as CEO and president and as a member of its board.
Diosdado Banatao, the chairman of Ikanos' board of directors, has been appointed executive chairman and has assumed the role of interim president and CEO. Banatao has served as the company's chairman since August 2009, and has served as a managing partner of Tallwood Venture Capital, a venture capital firm, since June 2000.
In addition, the company updated its revenue and earnings outlook for the first quarter of fiscal 2010. The company expects its revenues for the first quarter of 2010 to be in the range of $57.0 million to $58.0 million.
In its original projections, revenue is expected to be between $54.0 million and $58.0 million for the first quarter of 2010.
Revenue for the fourth quarter of 2009 was $58.2 million compared with revenue of $29.3 million for the third quarter of 2009 and revenue of $22.8 million for the year ago period.
GAAP net loss for the fourth quarter of 2009 was $9.1 million, or $0.17 per share, on 53.9 million weighted average shares. This compares with a net loss of $15.5 million, or $0.40 per share, on 38.8 million weighted average shares in the third quarter of 2009 and with a net loss of $5.7 million, or $0.20 per share, on 28.9 million weighted average shares in the fourth quarter of 2008.