POCATELLO, Idaho--American Microsystems Inc. here today named the former president of Symbios Logic Inc. as its new president and CEO as the chip company gears up for an initial public offering of stock in 2000.
H. Gene Patterson replaces Gerald E. Homstad, who resigned as AMI's president and chief executive officer in on Oct. 1. Homstad, an AMI employee for nearly 20 years, had been the company's CEO since 1995. At the time of his resignation, Homstad said the company was ready for a new CEO as it prepared for the IPO.
A subsidiary of Japan Energy Corp., AMI was one of the early U.S. pioneers in ASICs. It now offers a range of technologies for digital and mixed-signal ICs products as well as provides CMOS foundry services.
Patterson was president and CEO of Symbios Logic from 1995 to 1997, when the Fort Collins, Colo., operation was a wholly-own subsidiary of Hyundai Electronics America. In June 1998, Hyundai sold Symbios to LSI Logic Corp. for $760 million.
AMI said Patterson will focus on developing strategic growth and a "solid profitability path that can be implemented in the first half of 2000." Patterson will also conduct a fast-track search for a chief financial officer as AMI prepares to a stock offering in the next six to eight months. AMI had revenues of $267 million in 1998, compared to $266 million in 1997 and $256 million in 1996. In 1994, AMI's sales were $171 million.