LSI Names New Financial Chief, Forms Two Communications Groups

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LSI Logic

(LSI) - Get Report

said Executive Vice President and Chief Financial Officer Douglas Norby is leaving the company to become financial chief of

Novalux

, a privately held supplier to the fiber-optic market based in Sunnyvale, Calif.

Norby will continue to serve on LSI's board of directors.

LSI, a chipmaker based in Milpitas, Calif., named Bryon Look to replace Norby as executive vice president and chief financial officer. Look served as treasurer and vice president of corporate development and strategic planning.

LSI also formed two new communications organizations focusing on the global data networking and the broadband communications markets to replace the former communications products group headed by John Daane, who left to become chief executive of a high technology company.

Shares of LSI were recently down $2.94, or 10.2%, to $25.81 in

New York Stock Exchange

composite trading.