News

18 August 2008

 

Anadigics’ president and CEO Bastani resigns

GaAs-based wireless and broadband communications component maker Anadigics Inc of Warren, NJ, USA has announced the resignation of president and CEO Dr Bami Bastani, and the appointment of Gilles Delfassy (a director of the firm since January) as chairman of the board. Delfassy will assume CEO responsibilities until a permanent replacement for Bastani has been found.

Picture: Dr Bami Bastani.

After 13 consecutive quarter of revenue growth (to a record $80.5m for Q2/2008), on 7 August Anadigics slashed its Q3 revenue guidance from $75-81m to $62-65m (down 19-23% on Q2). This followed what Bastani described as further weakening in demand from wireless handset customers in the prior week. Anadigics also reversed a decision (announced only on 22 July) to double capital investment to about $100m in its second 6” GaAs wafer fabrication plant (in Kunshan, China, which will complete construction by October and ultimately double the firm’s existing capacity). The additional capital investment is being delayed until Anadigics has better visibility as to when it needs the plant to become operational. Subsequently, Anadigics' share price on NASDAQ subsequently fell almost 35% in one day, and is currently about 75% down on a year ago.

Delfassy has almost 30 years of experience in global business development and wireless technology. He led Texas Instruments’ wireless terminals business unit from its inception in 1995, growing it into a multi-billion dollar operation. Under his guidance, TI became the world’s leading supplier of semiconductors for wireless handsets. Previously, he managed TI’s European digital signal processing operations and its European automotive electronics business.

“Bami has made a significant contribution to Anadigics by guiding us over the past ten years,” says Anadigics’ founder and vice chairman of the board Ron Rosenzweig.

“Gilles is the ideal person to move the company forward during our CEO search,” Rosenzweig adds. “His extensive understanding of the semiconductor industry, coupled with his knowledge of our customers and his experience in managing a business with high-volume manufacturing operations, will help ensure a smooth transition.”

Gilles comments, “We will work hard to make sure we keep the confidence and trust of our customers during this transition and beyond.”

See related items:

Anadigics slashes Q3 revenue guidance from $75-81m to $62-65m

GaAs microelectronics market to slow to 9% in 2008

Economic slowdown bypasses mobile device market

Anadigics’ sales grow to record $80.5m, driven by broadband

Anadigics’ board gains retired senior VP of TI’s wireless terminals unit

Anadigics to build 6-inch GaAs fab in China

Search: Anadigics GaAs

Visit: www.anadigics.com