SAN JOSE, Calif. — Amid a string of losses, PMC-Sierra Inc. said that Greg Lang has been appointed as the company's president and chief executive.
The position will become effective upon the resignation of Robert Bailey as the company's president and chief executive, which will be on or before May 9. Bailey, who recently announced his retirement as CEO, will continue as PMC-Sierra's chairman.
Prior to his appointment at PMC-Sierra, Lang was president and CEO at Integrated Device Technology Inc. (IDT), a company he joined in 2001.
Last year, PMC-Sierra cut 175 jobs and closed two design centers amid a slowdown in its business. PMC-Sierra (Santa Clara, Calif.) has also reported four consecutive quarterly losses.
Net revenues in the fourth quarter of 2007 were $123.6 million compared with $117.5 million in the third quarter of 2007, and $101.9 million in the fourth quarter of the prior year.
Net loss in the fourth quarter of 2007 on a GAAP basis was $5.1 million (GAAP loss per share of $0.02) compared with GAAP net loss of $5.9 million (GAAP loss per share of $0.03) in the third quarter of 2007.
For the year ended Dec. 30, 2007, net revenues were $449.4 million compared with $425.0 million for the year ended December 31, 2006, an increase of 6 percent year-over-year. GAAP net loss in 2007 was $49.1 million (GAAP net loss per share of $0.23) compared with GAAP net loss of $99.9 million (GAAP net loss per share of $0.49) for the prior year.
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