Dr. Hou brings technical, operational and strategic leadership to the hyperscale and semiconductor industries
Following the retirement of President and CEO Paul H. Pickle
Second Quarter FY2025 Guidance Reaffirmed
Camarillo, California, June 7, 2024–(BUSINESS WIRE)–Semtech Corporation (“Semtech” or the “Company”) (Nasdaq: SMTC), a provider of high-performance semiconductors, IoT systems and connectivity services, today announced that Dr. Hong Q. Hou, a current member of Semtech's board of directors, will be appointed President and Chief Executive Officer, effective June 6, 2024. Dr. Hou's appointment follows the retirement of Paul H. Pickle as President and Chief Executive Officer.
“We are pleased to have made measurable progress in stabilizing our business by reducing operating expenses and establishing a strong financial foundation, positioning Semtech to capture future growth opportunities, with the rigor we will continue to maintain,” said Ye Jane Lee, Chair of the Nominating and Governance Committee of Semtech's Board of Directors. “Mr. Hong is an exceptional leader and the Board is excited to have him execute on our strategy and lead Semtech into its next phase of innovation and growth. Mr. Hong has deep technical, operational and strategic leadership experience in the hyperscale and semiconductor industries and is already familiar with Semtech's business.”
“I joined Semtech not only because of my experience and passion in the industry, but also because of the company's unique opportunity to leverage its strong team and robust portfolio of highly innovative technologies and products to support the ongoing AI and IoT revolution,” said Dr. Hou. “I am focused on maintaining financial discipline while positioning Semtech to capitalize on upcoming compelling technology trends. I am confident in our goal to create strong, sustainable value for shareholders well into the future.”
The company also reaffirmed its guidance for the second quarter of fiscal 2025, which it issued on June 5, 2024. Mr. Pickle's departure is unrelated to Semtech's operational or financial performance, does not involve a violation of the company's code of conduct, and does not affect Semtech's previously reported financial statements. The Board's decision follows differences of opinion between the Board and Mr. Pickle regarding how the CEO and Board should work together to maximize shareholder interests.
About Hong Q. Hou
Dr. Hou has served as a member of Semtech's Board of Directors since July 2023 and is a seasoned multinational executive recognized as a global enterprise leader with a track record of strong technology and business transformation in dynamic and highly competitive markets. Dr. Hou most recently served as President of the Semiconductor Group at Brooks Automation, a leading provider of automated wafer handling and contamination control solutions for the semiconductor manufacturing industry. Prior to that, he was Corporate Vice President and General Manager of the Cloud and Edge Networking Group at Intel Corporation. Prior to that, he held executive leadership positions at Fabrinet (CTO), AXT (COO) and EMCORE (CEO). He holds a PhD in Electrical Engineering from the University of California, San Diego and completed an Executive Management course at Stanford Business School.
About Semtech
Semtech Corporation (Nasdaq: SMTC) is a provider of high-performance semiconductors, IoT systems and cloud connectivity services focused on delivering high-quality technology solutions that enable a smarter, more connected and sustainable planet. Our global team is committed to empowering solutions architects and application developers to create breakthrough products for infrastructure, industrial and consumer markets. To learn more about Semtech's technologies, visit Semtech.com or follow us on LinkedIn or X.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” for purposes of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, that are based on current expectations, estimates and projections regarding our business, industry, financial condition, performance, results of operations and liquidity. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance, future operating performance, the expected impact of certain items on future earnings, our expectations regarding near-term growth trends, and our plans, objectives and expectations. Statements that include words such as “may,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “predicts,” “estimates,” “should,” “could,” “planned,” “projection,” “business outlook” or other similar expressions are forward-looking statements.
Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and events to differ materially from expectations. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, our ability to adhere to or pursue our business strategy due to the contractual covenants under the agreements governing our indebtedness, our ability to remediate material weaknesses in our internal control over financial reporting, the discovery of additional weaknesses and the inability to achieve and maintain effective disclosure controls and procedures and internal control over financial reporting, our ability to forecast and achieve our expected net sales and earnings estimates given periodic economic uncertainties, the inherent risks, costs and uncertainties associated with successfully integrating Sierra Wireless and the risk that we may not achieve all or any portion of the expected benefits, or that the expected benefits may not be fully realized or may take longer to realize than expected, and uncertainties regarding the impact and duration of supply chain constraints and related disruptions. export controls and laws affecting our trade and investments, as well as the occurrence of tariffs or trade wars, inflation and global economic and political turmoil including as a result of current geopolitical conflicts, tightening credit terms related to concerns regarding the U.S. banking system, changes in competition in our markets (including, without limitation, the pace of growth or adoption rate of applicable products or technologies), downturns in business cycles, declines in the average selling prices of our products, our reliance on a limited number of suppliers and subcontractors for parts and materials, anticipated or anticipated changes in end-user markets, future responses to and effects of the public health crisis, and our ability to forecast our annual non-GAAP normalized tax rate due to significant changes that may occur during our fiscal year, including, without limitation, significant changes resulting from taxation, acquisitions, changes in entity structure or operations and other significant events. In addition, forward-looking statements should be considered together with the cautionary statements contained in the risk factors disclosed in the Company's filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended January 28, 2024, filed with the SEC on March 28, 2024. Such risk factors may be amended, supplemented or superseded from time to time by subsequent reports filed by the Company with the SEC. Given the significant risks and uncertainties inherent in the forward-looking information contained herein that could cause actual performance or results to differ materially from expectations, such forward-looking information should not be considered as a representation or guarantee by the Company of future performance or results, or that the Company's objectives or plans will be achieved, or that the Company's business expectations or financial projections will be realized. Reported results should not be considered indicative of future performance. Investors are cautioned not to place undue reliance on the forward-looking information contained herein. Such information reflects management's analysis as of the date hereof, and, except as required by law, the Company undertakes no obligation to publicly release the results of any updates or revisions to any forward-looking statements that may be made to reflect new information, events or circumstances after the date hereof, or to reflect the occurrence of unanticipated or future events or otherwise.
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