This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Richard J. Lynch Appointed As New Chairman Of TranSwitch Corporation

TranSwitch Corporation (NASDAQ: TXCC) a leading provider of semiconductor solutions for multimedia connectivity and processing today announced that effective today, the Board of the Company has appointed Mr. Richard (Dick) J. Lynch as the new Chairman of the Board and Chairman of the Executive Committee. Mr. Lynch was the Chief Technology Officer of Verizon Communications and, before that, of Verizon Wireless. He now runs a consulting and advisory business. He also sits on the board of Ruckus Wireless. Mr. Gerald F. Montry has stepped down as Chairman of the Board of TranSwitch Corporation and Chairman of the Executive Committee, while remaining as a member of the Board.

“I am grateful to the Board for having the confidence in me to elect me to the chair at this very important time in the Company’s history,” stated Mr. Lynch. “TranSwitch is a company with significant opportunities and challenges. We are on the cusp of realizing the benefits of the transition to a business based on high speed video connectivity. At the same time, we have seen a continual decline in our legacy telecom businesses which has put pressure on our financial condition. I see my key role as being the catalyst for optimizing and expediting the bridge to the value of the new products for both our customers and our shareholders.”

Dr. Ali Khatibzadeh, President and CEO of TranSwitch Corporation said “I look forward to working with Dick to realize the potential value of TranSwitch for our shareholders. His experience and track record will be invaluable in shaping our future direction. I would like to thank Mr. Montry for his service as Chairman and look forward to his continued support as a member of the Board of TranSwitch.”

The Company also announced that it immediately plans to implement a restructuring which will result in annual savings of approximately $8.0 million and that these savings will begin to be recognized in the third quarter of 2012. Of this amount, TranSwitch expects approximately $4.6 million in annual savings from reduced employee‐related costs and the remaining $3.4 million from other cost savings initiatives. The Company also estimates revenue for the second quarter of 2012 to be in the range of $3.5 million to $4.0 million.

Stock quotes in this article: TXCC 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,374.92 +112.36 0.69%
S&P 500 1,855.86 +12.88 0.70%
NASDAQ 4,071.6210 +37.46 0.93%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs