Actel CEO John East to Retire

John East has announced plans to retire as President and CEO of Actel Corp. and as a member of the board of directors. The retirement will begin the end of East’s long career with the FPGA company, one that started in 1988. East’s work experience prior to Actel included positions at AMD, Fairchild Semiconductor, and Raytheon Semiconductor.

Actel’s board has formed a committee to conduct a search for a new president and CEO. East will participate in the search, which will include both internal and external candidates. Actel said the departing executive will remain in his current role until a new CEO is in place, and will then serve as a consultant until August 2, 2011.

“I have had the privilege and pleasure of leading Actel for more than two decades, but I’m 65 now and the time has come for me to pass the baton,” East said in a statement.

“In accepting John’s decision to retire, the board is appreciative of his long and distinguished service,” said Robert Spencer, the company’s lead director, in the statement. “Under John’s stewardship, Actel emerged as the leading supplier of aerospace, low-power, and mixed-signal FPGAs. In addition to John’s acumen, his honesty, fairness, and goodwill have left an indelible imprint on the company and the industry. We now look forward to a successful transition and the next stage in the company’s growth.”

Actel made the announcement as part of its Q4 and full-year 2009 report. Q4 revenues of $49.7 million were down 5.8 percent from year over year and up 5.2 percent sequentially. For the full fiscal year, revenues were $190.6 million, down 12.7 percent from fiscal 2008. Q4 net income of $1 million, or $0.04 per diluted share, compared with a net loss of $12.5 million, or $0.48 per basic share, for Q4 2008 and a net income of $0.9 million, or $0.03 per diluted share, for Q3. For the full fiscal year, net loss was $46.2 million, or $1.77 per basic share, compared with a net loss of $11.7 million, or $0.45 per basic share, in fiscal 2008.

Looking to the current quarter, the company estimated revenues will be up 2 to 6 percent sequentially. Gross margin is expected to be about 62 percent.

Actel


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