Integrated Device Technology Inc (NASDAQ:IDTI) – Resignation of President and CEO


Dallas, Texas 09/05/2013 (Financialstrend) – Integrated Device Technology Inc (NASDAQ:IDTI) primarily serves advanced communications, computing and consumer industries worldwide with a range of mixed signal semiconductor solutions. The company operates through two segments: Communications and Computing and Consumer segments which offer variety of communications solutions for consumers within the enterprise, data center and wireless markets.

On August 26, 2013 the company filed report with the Securities and Exchange Commission announcing that the Director of the company, Tewksbury Ted L III has resigned from the post of company’s Board of Directors and president and chief executive officer of the company effective from August 27, 2013.

The Board of Directors appointed Mr. Jefferey McCreary, who has served as a director on IDTI’s board since June of 2012, to the positions of interim president and CEO effective from August 27, 2013. Mr. Jeffery a former Texas Instruments Senior Vice-President with his significant thirty years broad based semiconductor industry experience and leadership will work effectively with the company’s executive team and Board of Directors to administer the Company’s ongoing operations and strategic initiatives.

Mr. Jeffery further mentioned that he is very excited about the future of the company and is looking forward to contribute at his best for the success of the team. He also mentioned that the team is on the right path to achieve its financial targets and will continue leveraging its proven strengths and power management with great new products.

Jeffrey Stephen Mccreary, Interim President & Chief Executive Officer of the company, raised his stake to 145,834 shares after purchase of 60,000 shares in the open market transaction. Transactions were made on Aug 29, for 40000 shares at the price of $8.99 per share and Aug 30, for 20000 shares at the price of $8.77 per share – as per the filing with the SEC. The average price stands out to be $8.92 per share with a total valuation of $534,988.