UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
September 10, 2013
Date of report (Date of earliest event reported)
Integrated Device Technology, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 0-12695 | 94-2669985 | ||
(State of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
6024 Silver Creek Valley Road, San Jose, California 95138
(Address of principal executive offices) (Zip Code)
(408) 284-8200
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 10, 2013, Integrated Device Technology, Inc. (the Company) announced that Richard D. Crowley, Jr. will be resigning as the Vice President and Chief Financial Officer of the Company. Mr. Crowley will continue to serve as an employee and financial advisor to the Company through September 17, 2013.
On September 10, 2013, the Companys Board of Directors (the Board) appointed Brian C. White to the positions of Vice President and Chief Financial Officer effective September 11, 2013. Mr. White joined the Company as Vice President, Finance in February 2007 and became Vice President, Finance and Treasurer of the Company in April 2009. From June 2008 to October 2008, he served as the Companys interim CFO. Prior to joining the Company, Mr. White held management positions with Nvidia, Hitachi GST and IBM. He started his career in public accounting with Deloitte & Touche and Arthur Andersen. Mr. White has 25 years of professional experience in finance, accounting, business line management, strategy and business development. Mr. White is a CPA and holds an MBA from the University of Notre Dame.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits | |
99.1 | Press release dated September 10, 2013. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 10, 2013 | INTEGRATED DEVICE TECHNOLOGY, INC. | |||||||
By: | /s/ Matthew D. Brandalise | |||||||
Matthew D. Brandalise General Counsel and Secretary (duly authorized officer) |
Exhibit Index
Exhibit No. |
Description | |
99.1 | Press Release dated September 10, 2013. |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Financial Contact: Mike Knapp IDT Investor Relations Phone: (408) 284-6515 E-mail: mike.knapp@idt.com |
Press Contact: Graham Robertson IDT Worldwide Marketing Phone: (408) 284-2644 E-mail: graham.robertson@idt.com |
IDT ANNOUNCES DEPARTURE OF CHIEF FINANCIAL OFFICER
Company Appoints Brian C. White as Chief Financial Officer
SAN JOSE, Calif., Sep. 10, 2013 Integrated Device Technology, Inc. (IDT® or the Company) (NASDAQ: IDTI), the Analog and Digital Company delivering essential mixed-signal semiconductor solutions, today announced that Richard D. Crowley, senior vice president and chief financial officer, will be resigning his position with IDT to pursue another executive opportunity. Mr. Crowley will continue to serve as a financial advisor to the Company through September 17, 2013.
The Company has appointed Brian C. White as chief financial officer effective September 11, 2013. White has more than 25 years of accounting and financial experience, including six years as vice president of finance and treasurer at IDT. He also served as interim CFO at the Company in 2008. Prior to IDT, White served as director of business operations at NVIDIA and held a variety of senior level finance positions at IBM and Hitachi GST. White holds a B.A. in Business Administration and Accounting from Seattle University and an M.B.A. in Finance and International Business from the University of Notre Dame.
Im pleased to appoint Brian as our CFO. Brian has been a key contributor to IDT as vice president of finance and treasurer for the past six years. His deep knowledge of the organization, extensive financial management experience, and impressive record of improving operations will serve IDT well as we work toward our strategic objectives, said Jeff McCreary, IDT interim president and chief executive officer.
Im excited to take on the CFO role and look forward to working with the management team to continue to build on the momentum we have been demonstrating, said White.
Rick has been a valuable contributor to IDT and an important strategic partner for the management team, said John A. Schofield, IDTs Chairman of the Board. The board of directors and I appreciate his leadership, dedication and expertise over the past five years and we wish him the best of luck with his next executive role.
I would like to thank everyone associated with IDT for the opportunity to contribute to the Company over the last five years, said Crowley. I believe IDTs solid financial foundation positions the company well for continued improvement. I will work closely with Brian to facilitate an orderly transition.
About IDT
Integrated Device Technology, Inc., the Analog and Digital Company, develops system-level solutions that optimize its customers applications. IDT uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales facilities and distribution partners throughout the world, with direct purchase services through IDT Direct. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol IDTI. Additional information about IDT is accessible at www.IDT.com. Follow IDT on Facebook, LinkedIn, Twitter, and YouTube.
Forward Looking Statements
Investors are cautioned that forward-looking statements in this release, including but not limited to statements regarding Mr. Whites plans as interim Chief Financial Officer and the Companys business, strengths and products, involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, fluctuations in product demand, manufacturing capacity and costs, inventory management, competition, pricing, patent and other intellectual property rights of third parties, timely development and introduction of new products and manufacturing processes, dependence on one or more customers for a significant portion of sales, successful integration of acquired businesses and technology, availability of capital, cash flow and other risk factors detailed in the Companys Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Companys Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the fiscal year ended March 31, 2013 and the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013. All forward-looking statements are made as of the date of this release and the Company disclaims any duty to update such statements.
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IDT and the IDT logo are trademarks or registered trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.