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IDT Announces Resignation Of Dr. Ted Tewksbury As President & CEO

Stocks in this article: IDTI

Integrated Device Technology, Inc. (IDT ® or the Company) (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, today announced that Dr. Ted Tewksbury has resigned as President, Chief Executive Officer and board member, effective August 27, 2013. The Board of Directors has appointed board member Jeffrey McCreary as interim President and Chief Executive Officer.

Jeffrey McCreary has served on IDT’s Board since June of 2012. A former Texas Instruments Senior Vice-President, Mr. McCreary brings thirty years of broad based semiconductor industry leadership and significant boardroom experience to the role. As interim President and Chief Executive Officer, Mr. McCreary will work closely with IDT’s current executive team and Board of Directors to oversee the Company’s ongoing operations and strategic initiatives. The Board has formed a search committee to identify and consider candidates for the permanent President and Chief Executive Officer role.

“On behalf of the Board of Directors, I want to thank Ted for his many contributions to IDT over the past five years,” said John Schofield, IDT’s Chairman of the Board. “Since joining the Company, he has directed IDT’s transformation into a premier analog and mixed signal semiconductor company delivering system level solutions.”

Schofield continued, “As we begin the CEO search, we are fortunate to have Jeffrey McCreary available to serve in the interim role. Jeff possesses a proven track record as a semiconductor industry executive and has spent significant time making vital decisions in the boardroom as well. We are confident he will provide essential leadership for the Company for as long as required.”

“I am excited about the future for IDT and look forward to contributing to the team’s success,” said McCreary. “We are on a path to reach our previously stated financial targets and to continue leveraging our proven strengths in timing solutions, memory interface, RF, serial switching and power management with great new products.”

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