Intersil Drops Prez After 9 Months
Lou DiNardo has vacated Intersil Corp.’s president and COO seat after only nine months on the job.
The executive’s departure was announced by the Milpitas, Calif.-based company in a vague statement on Thursday that said DiNardo, who was appointed president and COO in January, “is no longer employed by the company.”
Follow up calls to the company made today by Electronic News to see if DiNardo left on his own will or was asked to leave were answered with “no comment” by Intersil. “We’re not really commenting on the reason he left,” a spokeswoman for the company said.
DiNardo joined Intersil in July 2004 as a result of Intersil’s acquisition of Xicor. At Xicor, he served as president and CEO. Prior to his last position at Intersil, he was executive VP of the company’s power management group.
Rich Beyer, Intersil’s CEO, credited DiNardo’s work at Intersil in Thursday’s statement, noting the transition of Xicor into Intersil and a refocus on the company’s power management strategy, but said that the board has determined it is time for him to take control of the company’s reins again.
“At this time, however, the board of directors and I have decided that I should resume full operational responsibility for the company as we move towards becoming a billion dollar high performance analog company over the next several years,” Beyer said.
In doing so, the organizational responsibilities that were previously handled by DiNardo will now be managed by Beyer.
“While this may look like a big change, the reality is that under Rich Beyer’s leadership as CEO Intersil has had eight consecutive quarters of quarter-on-quarter growth and in the quarter that just ended we had record sales, record profits, record cash generation and record earnings. We expect that as we continue under Rich Beyer’s leadership we will see similar results,” the spokeswoman said, withholding further explanation of the executive changes.
Earlier this month, Intersil announced Q3 results that showed $192.9 million in revenue, a 22 percent sequential increase and 3 percent increase year-over-year. Income was $37.7 million, or 27 cents earnings per diluted share, as compared to income of $27.1 million, or 19 cents earnings per diluted share in the same quarter last year. For Q2, the company reported income of $43 million, or 30 cents earnings per diluted share. Intersil generated more than $59 million in free cash flow, or 31 percent of revenues, for Q3.
Share’s at the analog company fell sharply on the news last week, plummeting from well above the $25 mark to close at $22.87 on Friday. The stock has begun a slow recovery, however, inching back up 0.7 percent by afternoon trading today to $23.57.