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Another Ikanos CEO quits
6/16/2011 2:29 PM EDT
SAN FRANCISCO—For the second time in 14 months, Ikanos Communications Inc.'s top executive has abruptly stepped down.
John Quigley, who assumed the role of Ikanos’ president and CEO last August, resigned Wednesday (June 15) from his post as president and CEO and from the company's board of directors, Ikanos (Fremont, Calif.) said Wednesday (June 15).
Quigley said through a statement that he was moving on to pursue interests more aligned to his "passion for change management."
Diosdado Banatao, the executive chairman of Ikanos' board of directors, was named interim president and CEO, effective immediately, Ikanos said. Banatao served as Ikanos' interim and CEO from April 2010—following the resignation of Michael Gulett—until Quigley assumed the post. He has been the company's chairman said August 2009.
Ikanos said it would begin a search for a new president and CEO.
Banatao has served as a founder and managing partner of Tallwood Venture Capital, a venture capital firm, since July 2000. From April 2008 to June 2009, Banatao served as interim chief executive officer of SiRF Technology Holdings, Inc., a publicly-traded company that was acquired by CSR plc. in June 2009. He was also previously CEO at Inphi Corp.
Ikanos also confirmed its revenue outlook for the second quarter of fiscal 2011, saying it expects revenue to be between $31 million and $34 million. The company had sales of $31.7 million in the first quarter and $55.6 million in the second quarter of fiscal 2010.
John Quigley, who assumed the role of Ikanos’ president and CEO last August, resigned Wednesday (June 15) from his post as president and CEO and from the company's board of directors, Ikanos (Fremont, Calif.) said Wednesday (June 15).
Quigley said through a statement that he was moving on to pursue interests more aligned to his "passion for change management."
Diosdado Banatao, the executive chairman of Ikanos' board of directors, was named interim president and CEO, effective immediately, Ikanos said. Banatao served as Ikanos' interim and CEO from April 2010—following the resignation of Michael Gulett—until Quigley assumed the post. He has been the company's chairman said August 2009.
Ikanos said it would begin a search for a new president and CEO.
Banatao has served as a founder and managing partner of Tallwood Venture Capital, a venture capital firm, since July 2000. From April 2008 to June 2009, Banatao served as interim chief executive officer of SiRF Technology Holdings, Inc., a publicly-traded company that was acquired by CSR plc. in June 2009. He was also previously CEO at Inphi Corp.
Ikanos also confirmed its revenue outlook for the second quarter of fiscal 2011, saying it expects revenue to be between $31 million and $34 million. The company had sales of $31.7 million in the first quarter and $55.6 million in the second quarter of fiscal 2010.
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