Company Raises Midpoint of Q1 2013 Revenue Guidance
Atmel® Corporation (NASDAQ: ATML), a leader in microcontroller and touch technology solutions, today announced that Steve Skaggs, who currently serves as Atmel's Senior Vice President of Corporate Strategy & Development, has also been appointed interim Chief Financial Officer of Atmel, effective immediately.
This appointment follows Stephen Cumming's decision to resign as Atmel's Vice President of Finance and Chief Financial Officer. Mr. Cumming will remain with Atmel for a short period to facilitate the transition.
"We are pleased that someone of Steve Skaggs' caliber has agreed to step in as interim CFO," stated Steven Laub, President and Chief Executive Officer. "He brings over 20 years of experience in the semiconductor industry, including leadership experience as both a CEO and CFO at another publicly traded semiconductor company. With our experienced management team, including recent additions of senior operations and business unit executives, and under Steve's guidance of the finance organization, we fully expect to grow revenue, enhance margins and expand earnings throughout this year."
Commenting on Mr. Cumming, Mr. Laub said, "We appreciate Stephen's contributions to Atmel, which have reinforced our solid financial foundation. We wish him the best in his future endeavors."
Mr. Cumming said, "I am proud to have been a part of Atmel for the past five years, and feel honored to have worked alongside such an outstanding team of talented professionals. I plan to help management as needed during this transition period."
The company intends to retain a leading executive search firm to assist in the search for a permanent CFO.
Atmel noted that Mr. Cumming's separation is not related to any disputes with the company or any issues regarding the integrity of the company's financial statements or accounting policies and practices.
Atmel also raised the lower end of its previously announced guidance range for first quarter 2013 revenues to $318 million to $328 million from the prior range of $311 million to $328 million.
Mr. Skaggs joined Atmel in 2010. He worked previously at Lattice Semiconductor, where he served as President and CEO and also as CFO. Prior to Lattice, Mr. Skaggs was employed by Bain & Company, an international strategic consulting firm, where he specialized in high technology product strategy, mergers and acquisitions and corporate restructurings. He holds an MBA degree from the Harvard Business School and a BS degree in Chemical Engineering from the University of California, Berkeley.
