IDT Announces Departure of Chief Financial Officer
SAN JOSE, Calif., May 29, 2008 — IDT® (Integrated Device Technology, Inc.; NASDAQ: IDTI), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience, today announced that Clyde R. Hosein, vice president and chief financial officer, will be resigning his position with IDT effective June 13, 2008 to pursue other opportunities. The company will begin a search for Hosein’s replacement immediately.
Brian White, vice president of finance, will assume day-to-day financial management responsibilities for the company during the interim between Hosein’s departure and the appointment of his replacement. White has more than 19 years of accounting and financial experience.
“Clyde has been a valuable contributor to IDT and an important strategic partner for the management team,” said Ted Tewksbury, president and chief executive officer of IDT. “The board of directors and I appreciate his leadership, dedication and expertise over the past five years and we wish him the best of luck with his future endeavors. Clyde has built a strong finance organization with sound processes and controls. I have full confidence in Brian’s ability to perform the CFO responsibilities during this interim period.”
“I would like to thank Ted, the IDT management team and employees, and the board of directors for the opportunity to contribute to the success and growth of IDT over the last five years,” said Hosein. “I believe IDT’s solid financial foundation and excellent growth prospects position the company well for continued success. I will work closely with Brian to facilitate an orderly transition. ”
With the goal of continuously improving the digital media experience, IDT integrates its fundamental semiconductor heritage with essential innovation, developing and delivering low-power, mixed signal solutions that solve customer problems. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI”. Additional information about IDT is accessible at www.IDT.com.
Forward Looking Statements
Investors are cautioned that forward-looking statements in this release involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, fluctuations in product demand, manufacturing capacity and costs, inventory management, competition, pricing, patent and other intellectual property rights of third parties, timely development and supply of new products and manufacturing processes, dependence on one or more customers for a significant portion of sales, successful integration of acquired businesses and technology, availability of capital, cash flow and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the fiscal year ended March 30, 2008.
IDT and the IDT logo are trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.