SAN DIEGO, Nov. 10, 2014 (GLOBE NEWSWIRE) -- Entropic (Nasdaq:ENTR) today announced that its Board of Directors has appointed board member Dr. Ted Tewksbury as interim President and Chief Executive Officer, effective immediately. Dr. Tewksbury succeeds Patrick Henry, who is leaving the Company and stepping down from Entropic's Board of Directors.
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"On behalf of the Board of Directors, I want to thank Patrick for his many contributions to Entropic over the past decade," said Umesh Padval, Entropic's chairman of the Board. "Under Patrick's leadership, the Company completed its initial public offering and developed a number of market leading technologies. With the change in strategy and business restructuring that Entropic is also announcing today, the Board believes it is the right time for a leadership transition."
Mr. Padval continued, "We are fortunate to have Ted available to serve as interim President and CEO. Ted has successfully led and developed executive management teams and possesses a proven track record as a semiconductor industry executive. We are confident that he will provide strong leadership for the Company."
Dr. Tewksbury joined Entropic's Board of Directors in September 2010. He is the former President and CEO of Integrated Device Technology, Inc., where he directed IDT's transformation into a premier analog and mixed signal semiconductor provider, delivering system level solutions. More recently, he served as an independent consultant to various private equity firms and technology companies. Dr. Tewksbury brings thirty years of broad-based semiconductor industry leadership and significant boardroom experience to the role. As interim President and CEO, Dr. Tewksbury will work closely with Entropic's executive team and Board of Directors to oversee the Company's ongoing operations and strategic initiatives, including the ongoing review of strategic alternatives.
"I look forward to working alongside Entropic's talented team and contributing to the Company's future success," said Dr. Tewksbury. "With our refocused strategy and restructuring plan, we are targeting to reach non-GAAP profitability next quarter. We are continuing to explore strategic alternatives, and remain focused on product innovation, operational excellence, and enhancing shareholder value."
Dr. Tewksbury will remain on Entropic's Board, but will no longer serve on its Compensation Committee.
In a separate release issued today, Entropic reported its third quarter results for the period ended September 30, 2014, as well as its strategy to refocus growth on its core Connectivity businesses and an associated restructuring initiative. The Company is also continuing its ongoing exploration of strategic alternatives to enhance shareholder value.
Entropic™ (Nasdaq:ENTR) is a world leader in semiconductor solutions for the connected home. The Company transforms how traditional HDTV broadcast and IP-based streaming video content is seamlessly, reliably, and securely delivered, processed, and distributed into and throughout the home. Entropic's next-generation Set-top Box (STB) System-on-a-Chip (SoC) and Connectivity solutions enable Pay-TV operators to offer consumers more captivating whole-home entertainment experiences by transforming the way digital entertainment is delivered, connected and consumed – in the home and on the go. For more information, please visit Entropic at: www.entropic.com, read our blog Entropic Topics, or get social with us at @Entropic_News, or on Facebook, Google+,YouTube and LinkedIn.
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Statements in this press release that are not strictly historical in nature constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding our refocused strategy and restructuring plan, our financial position (including management's expectations regarding future profitability), our talented team and future success. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Entropic's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks associated with our restructuring activities, our ability to retain key employees, risks related to our evaluation of strategic alternatives, our dependence on a limited number of supply chain partners for the manufacture of our products and other factors that could affect our ability to meet customer demand; our dependence on a limited number of customers and, ultimately, service providers for a substantial portion of our revenues; the ability of our customers or the service providers who purchase their products to successfully compete and continue to grow in their markets; the continued development of the market for High Definition (HD) video and other multi-media content delivery and networking solutions; risks associated with competing against larger and more established companies and our ability to compete successfully in the connected home entertainment market; risks associated with timely development and introduction of new or enhanced products; risks related to intellectual property, including third party licensing or patent infringement claims; and other factors discussed in the "Risk Factors" section of Entropic's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. All forward-looking statements are qualified in their entirety by this cautionary statement. Entropic is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.
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