LONDON David Milne is to step down as chief executive of Wolfson Microelectronics plc, , the mixed-signal fabless chip supplier he founded 22 years ago. He will be replaced by Dave Shrigley, a former Intel executive.
Dr Milne will leave at the end of February 2007. He started the company as a spin out from Edinburgh University and steered Wolfson through its listing on the London Stock Exchange in 2003. He plans to remain on the board of Wolfson (Edinburgh, Scotland).
He has built Wolfson to become a significant global player in the mixed signal chips market, and the company said last month it expects revenues for this year in the range of $204 million to $209 million, a growth of 22 percent to 25 percent year-on-year. This, however, would miss previous forecasts of full-year sales due to weak orders for the fourth quarter.
The company faced a turbulent third quarter, issuing a profits warning last month that it blamed on slowing demand for MP3 players, such as Apple's iPod, and multimedia phones that use its chips.
Milne commented: "In stepping down as CEO, I am honoured to have led such a tremendous team of people that have created an internationally recognised company based in Scotland. I would like to express my thanks to all the engineers and other colleagues that have made this possible."
Shrigley added: "Wolfson Öhas a truly excellent engineering capability that turns out world leading solutions for todayís most successful consumer electronics products and companies. I am excited about the prospects of growth for Wolfson and look forward to joining."
Shrigley served in several senior executive positions during his 18 years at Intel and helped to grow the chipmaker's revenues in Asia. He joined Bay Networks in 1996, working there until just after it was acquired by Nortel in 1998, and is currently a non-executive director at Rambus Inc.