SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 18, 2007--PMC-Sierra,
Inc. (NASDAQ: PMCS), today announced that Bob Bailey will be retiring
as the Company's president and chief executive officer once a
replacement has been named. He will remain chief executive officer in
the meantime. The Company's board of directors has established a
search committee and will be considering both internal and external
candidates for the position. Bailey will continue to serve as chairman
of the board through his current term.
Mr. Bailey joined PMC-Sierra, one of the broadband communications
semiconductor pioneers, in 1993. Bailey has been PMC-Sierra, Inc.'s
president and chief executive officer since July 1997. He's been
chairman of the board since May 2005 to current, and also served as
chairman from February 2000 until February 2003. Bailey has been a
director of PMC-Sierra since October 1996. He led the Company through
an intense period of change within the semiconductor industry and
successfully diversified PMC-Sierra's product line and customer base
globally.
"On behalf of PMC-Sierra's board of directors, I'd like to thank
Bob for his outstanding leadership over the past 14 years. Bob's
vision and determination contributed immensely to PMC's enviable
market position, financial strength, and growth prospects," said Frank
Marshall, lead independent director of PMC-Sierra's board of
directors, and a member of the newly formed chief executive officer
search committee. "We are pleased Bob is committed to remaining
through the search period to ensure a smooth and orderly transition."
"I would like to thank the board of directors and the employees of
PMC-Sierra for the dedication and hard work applied to re-engineer the
Company in the last seven years. I believe there is no better Company
positioned to provide the technologies to build the next generation
Internet. Our growth prospects and technology offerings are the best
they have been since the late 1990's. It is because of these facts and
my desire to pursue some important personal endeavors, unrelated to
business, that it is an appropriate time to initiate a search for my
successor. I am confident in the management's ability to execute
PMC-Sierra's well-established mission. We are all excited about the
future for PMC-Sierra," said Bob Bailey, chief executive officer and
chairman of the board of PMC-Sierra, Inc.
Safe Harbor Statement
PMC-Sierra's forward-looking statements are subject to risks and
uncertainties. Actual results may differ from these projections. The
Company's SEC filings describe more fully the risks associated with
the Company's business including PMC-Sierra's limited revenue
visibility due to variable customer demands, market segment growth or
decline, orders with short delivery lead times, customer
concentration, and the uncertain timing of expense reductions
associated with corporate restructurings and their related impact on
PMC's business. The Company does not undertake any obligation to
update the forward-looking statements.
About PMC-Sierra
PMC-Sierra(TM) is a leading provider of broadband communications
and storage semiconductors for metro, access, fiber to the home,
wireless infrastructure, storage, laser printers, and fiber access
gateway equipment. PMC-Sierra offers worldwide technical and sales
support, including a network of offices throughout North America,
Europe, Israel and Asia. The company is publicly traded on the NASDAQ
Stock Market under the PMCS symbol. For more information, visit
www.pmc-sierra.com.
(C) Copyright PMC-Sierra, Inc. 2007. All rights reserved. PMC is a
registered trademarks of PMC-Sierra, Inc. in the United States and
other countries. PMC-SIERRA, PMCS, and "Enabling connectivity.
Empowering people." are trademarks of PMC-Sierra, Inc. Other product
and company names mentioned herein may be trademarks of their
respective owners.
CONTACT: PMC-Sierra, Inc.
Mike Zellner, 408-988-1204
Vice President & CFO
or
David Climie, 408-988-8276
VP Marketing Communications
or
Susan Shaw, 408-988-8515
Senior Manager, Communications
SOURCE: PMC-Sierra, Inc.
