Zilog CEO Steps Down

Zilog(ZILG) said its CEO of five years was resigning immediately, in an announcement late Wednesday.

The San Jose, Calif., chipmaker said Jim Thorburn was stepping down so the company could focus on the "next phase of growth."

Board member Robin Abrams, a former CEO of Palm Computing, will replace Thorburn on an interim basis.

In a FAQ released with the announcement, Zilog said the decision to change CEOs was amicable and mutually agreed upon by Thorburn and the board. "Both agreed that the timing was right -- especially with the company on a solid financial foundation, the portfolio complete and the business in a state of growth," read one part of the FAQ posted on the company's Web site.

Thorburn joined Zilog in 2001 and oversaw numerous changes at the company, including transitioning to a fabless business model by shedding the company's chip fabrication facilities and taking the company public in 2004. He will also relinquish his role as chairman of the board, the company said.

Zilog, which had a net loss of $10 million with roughly $79 million in sales in its last fiscal year, said that it has begun looking for full-time candidates for the chief executive post and that it did not anticipate any further management changes.

Shares of Zilog were down 4.6%, or 16 cents, at $3.35 in midday trading Thursday.

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