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Intersil Falls on COO Exit

The chipmaker's stock drops on Lou DiNardo's sudden departure.

Shares of chipmaker Intersil (ISIL) took a dive Friday, a day after the company announced a management shake-up that sent its president packing.

In a surprise announcement late Thursday, Intersil said that President and Chief Operating Officer Lou DiNardo was no longer employed by the Milpitas, Calif., company.

Intersil did not provide a reason for DiNardo's departure but said that the board of directors and CEO Rich Beyer had decided that Beyer "should resume full operational responsibility" as Intersil moves toward becoming a "billion dollar" company.

Intersil, which makes analog chips for everything from DVD players to medical-imaging equipment, had $600 million in sales in 2005.

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Investors sent shares of Intersil down 8%, or $2.05, to $23.25 in midday trading.

DiNardo joined Intersil in 2004 as a result of Intersil's acquisition of

Xicor

, where he served as CEO. He served as vice president of Intersil's power management group until January, when he was appointed president and COO.

Beyer, who will take on DiNardo's duties, said that DiNardo played a pivotal role in the integration of Xicor into Intersil and helped the company refocus and energize its power-management business.