Transmeta ( TMTA) said Lester M. Crudele has been appointed president and chief executive, effective Feb. 1.

He will replace Arthur L. Swift, who will retain the positions during the interim period. Crudele has served on Transmeta's board since June 2005, and he has been a management consultant since October. He will remain on the board.

Transmeta also said it now expects to report more than $40 million in cash, cash equivalents and short-term investments as of Dec. 31, consistent with its previously stated guidance of more than $35 million.