SUNNYVALE, Calif., September 28, 2009 – Silicon Image, Inc. (NASDAQ: SIMG), a leader in semiconductors and intellectual property for the secure distribution, presentation and storage of high-definition (HD) content, today announced the resignation of its president and chief executive officer, Steve Tirado, 55.
Hal Covert, 62, chief financial officer, will be taking over as president and chief operating officer, effective immediately. Covert joined Silicon Image from Openwave Systems Inc. in 2007, and has more than 30-years of management experience at technology and telecommunications companies.
"We want to thank Steve for his contributions to Silicon Image over the past 10 years," said Peter Hanelt, chairman of the board of directors at Silicon Image, Inc. "Steve played a key role in leading the company to achieve its vision of delivering digital content everywhere with the development of exciting technology initiatives including the HDMI® Standard, the formation of the SPMT™ Consortium, and continued developments with our Mobile High-Definition Link and LiquidHD™ technology efforts."
Hanelt continues, "Moving forward, Silicon Image has strong talent, leading-edge technology, and a solid balance sheet with no debt and approximately $160M in cash. The management team is focused on our customers, executing on our product strategy, and enhancing shareholder value."
Silicon Image has retained the services of an executive search firm to find a new CEO.
About Silicon Image, Inc.
Silicon Image, Inc. is a leading provider of semiconductor and intellectual property products for the secure distribution, presentation and storage of high-definition content. With a rich history of technology innovation that includes creating industry standards such as DVI and HDMI, the company’s solutions facilitate the use of digital content amongst consumer electronics, personal computer (PC) and storage devices, with the goal to securely deliver digital content anytime, anywhere and on any device. Founded in 1995, the company is headquartered in Sunnyvale, California, with regional engineering and sales offices in China, Germany, Japan, Korea and Taiwan. For more information, please visit http://www.siliconimage.com.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements include, but are not limited to, statements related to Silicon Image's technology, balance sheet, product strategy and enhancement of shareholder’s value. These forward-looking statements involve risks and uncertainties, including the risks of uncertain economic conditions, competition in our markets, the Company's ability to deliver financial performance in-line with its stated goals and other risks and uncertainties described from time to time in Silicon Image's filings with the Securities and Exchange Commission (SEC). These risks and uncertainties could cause the actual results to differ materially from those anticipated by these forward-looking statements. In addition, see the Risk Factors section of the most recent Form 10-K and 10-Q filed by Silicon Image with the U.S. Securities and Exchange Commission. These forward-looking statements are made on the date of this press release, and Silicon Image assumes no obligation to update any such forward-looking information.
Silicon Image, the Silicon Image logo, and LiquidHD are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and/or other countries. HDMI, the HDMI logo, and High-Definition Multimedia Interface are trademarks or registered trademarks of HDMI Licensing, LLC in the United States and/or other countries. SPMT and the SPMT logo are trademarks or registered trademarks of SPMT, LLC in the United States and/or other countries. All other trademarks and registered trademarks are the property of their respective owners in the Unites States and/or other countries.
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