NEW YORK (TheStreet) --  It's a time of great transition for Cypress Semiconductor. (CY - Get Report) The company's founder, T.J. Rodgers, stepped down as CEO on April 28, citing urging from the company's board to bring "new blood into operations," according to a statement he issued.

Well, the new blood has arrived.

New CEO Hassane El-Khoury, a nine-year veteran of the company, was named to the position on Thursday, Aug. 11.

In a Wednesday interview on CNBC's "Squawk Alley," El-Khoury outlined his vision for the company's future.

"It's really now an era of change, an era of taking the technology into systems, more connectivity in the new markets that we're in, automotive, industrial... and the new [Internet of Things] business we just acquired" he said.

The "Internet of Things" refers to the growing market for everyday physical devices that have internet connectivity (think: smart home technology). Cypress announced that it had purchased Broadcom Wireless' (AVGO) internet of things business for $550 million in cash, the same day that Rodgers announced his resignation.

El-Khoury was lauded in his introduction as CEO by the company for the role he played in the Broadcom acquisition and in the company's 2015 $5 billion all-stock merger with rival semiconductor manufacturer Spansion.

"That went like clockwork," El-Khoury said of the Broadcom acquisition. "[We were] very excited to do that."

As for whatever specific role Rodgers may have with Cypress going forward, El-Khoury was non-committal.

"T.J. and I are always in communication. He's a technology expert, highly interested in the technology-Cypress being a technology company," El-Khoury said. "Him and I always have contact."

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate CYPRESS SEMICONDUCTOR CORP as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, increase in stock price during the past year and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income.