Editor's Note: This is the second CEO transition in the last 14 months.
FREMONT, CA--(Marketwire - Jun 15, 2011) - Ikanos Communications, Inc. (NASDAQ: IKAN), a leading provider of advanced broadband semiconductor and software products for the digital home, today announced that, effective immediately, John Quigley has resigned as president and CEO, and as a member of its board of directors. Diosdado Banatao, the executive chairman of Ikanos' board of directors, was elected interim president and CEO effective immediately. The Company will begin a search for a new president and CEO.
"We thank John for the job he has done as Ikanos' president and CEO," said Banatao. "His engineering expertise, business acumen and leadership will be missed. He helped the Company turn an important corner, brought greater focus to the organization and drove the development of truly breakthrough broadband technologies that should propel Ikanos' future growth."
"Working together as a team we have established both a truly compelling roadmap and the disciplined processes and thinking to execute and deliver it. Moving forward, I will now be pursuing interests more aligned to my passion for change management and enabling both individuals and organizations to explore the unfettered art of the possible," said Quigley.
Banatao has been the Company's chairman of the board since August 2009 and executive chairman of the board since April 2010 and previously served as the Company's interim president and chief executive officer from April 2010 to July 2010. 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 (SiRF). From October 2006 to August 2007, Banatao served as interim president and chief executive officer of Inphi Corporation. Prior to forming Tallwood, Banatao was a venture partner at the Mayfield Fund, a venture capital firm, from January 1998 to May 2000. Banatao co-founded three technology startups: S3 Graphics Ltd in 1989, Chips & Technologies, Inc. in 1985 and Mostron in 1984. Banatao holds a B.S. in Electrical Engineering from the Mapua Institute of Technology in the Philippines and an M.S. in Electrical Engineering from Stanford University.
Ikanos Reconfirms Guidance
In addition, the Company confirmed its revenue and earnings outlook for the second quarter of fiscal 2011. The Company expects its revenues for the second quarter to be between $31.0 million and $34.0 million.
About Ikanos Communications, Inc.
Ikanos Communications, Inc. (NASDAQ: IKAN) is a leading provider of advanced broadband semiconductor and software products for the digital home. The Company's broadband DSL,communications processors and other offerings power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers and telecommunications service providers. For more information, visit www.ikanos.com.