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Tessera Announces Executive Transition

Stocks in this article: TSRA

Tessera Technologies, Inc. (Nasdaq: TSRA) (the “Company”) today announced C. Richard (Rick) Neely, Jr. has been named executive vice president and chief financial officer, effective immediately. Neely will report to Robert A. Young, the Company’s president and chief executive officer, and be responsible for the company’s finance, accounting, financial planning, and investor relations. The Company also announced that its former CFO, Michael Anthofer, has resigned his position to pursue other interests and opportunities.

“We are thrilled to have someone with Rick’s knowledge and depth of financial and operational expertise join Tessera,” said Young. “He brings to the Company more than three decades of financial and managerial experience in high technology industries. We are confident in his ability to help us effectively build our DigitalOptics business into a global, vertically integrated supplier of original design camera modules for handsets and other applications, as well as to grow our core Intellectual Property licensing business.”

“I am excited to be joining such an innovative and dynamic company at a crucial point in its growth strategy,” stated Neely. “I look forward to working with my new team to capitalize on the opportunities that lie ahead.”

Neely is a senior financial executive with broad experience in financial and operating control activities, including financial planning and reporting, accounting, budgeting and forecasting, procurement, and risk management. His international experience includes extensive finance, treasury, and logistics services in Asia and Europe. Neely, 58, joins the Company from Livescribe, Inc., a privately held consumer electronics manufacturer and retailer of digital “Smartpens,” which he joined in Feb. 2011 as CFO. From Sept. 2005 through Jan. 2011 he served as CFO of Monolithic Power Systems, Inc., a fabless semiconductor company specializing in analog power management products. While Neely served as CFO, the annual revenue of Monolithic Power Systems grew from $99 million to $219 million. Prior to Monolithic Power Systems, he served as CFO of NuCORE Technology, Inc., a privately held developer of leading-edge digital and analog imaging devices for digital still and video cameras. Neely also held senior roles at several semiconductor related companies, including Synopsys, Inc. and AMD.

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