Maxim CEO, Founder Retires
By Suzanne Deffree -- EDN, December 20, 2006
John Gifford, founder and CEO of Maxim Integrated Products Inc. has elected to retire as CEO for medical reasons.
The news of the executive’s plan comes while Maxim is under investigation for stock options backdating by the Securities and Exchange Commission (SEC) and is facing stock-option-related lawsuits as a result.
Not elaborating further on his medical concerns, Gifford said he will remain with the company on a part time basis as a strategic advisor focused on product planning and business direction.
“Although for health reasons I am reducing my day-to-day involvement in the management of Maxim, I will continue to assist the company on a part time basis as a strategic advisor,” he said in a statement Tuesday.
Gifford, 65, started his career in the semiconductor industry in 1964 with Fairchild Semiconductor where he later became the company’s first director of analog products. In 1968, Gifford co-founded Advanced Micro Devices and served as VP of marketing and planning. He then moved to Intersil and was named CEO of Intersil after it was acquired by General Electric. He left GE and founded Maxim in 1983.
Effective January 1, 2007, Tunc Doluca will become president and CEO of the company. Doluca will also become a director of the company at that time.
“Maxim indicated that Jack Gifford will retire as CEO due to health reasons and be replaced by group president Tunc Doluca. We view this announcement as positive and continue to expect the stock to outperform,” said Romit J. Shah, a Lehman Brothers VP, in a research note this morning.
Gifford will further relinquish his seat on the board to B. Kipling Hagopian, who has been an independent member of Maxim’s board since 1997 and who has been elected interim chairman of the board. Maxim said it will look for a permanent chairman over the next several months.
Maxim also announced today that Vijay Ullal, currently senior VP, will be promoted to group president, and Charles Rigg, currently VP, will be promoted to senior VP, reporting to Doluca.
