- Management to Hold Conference Call at 3pm PT Today -
SAN JOSE, Calif.--(BUSINESS WIRE)-- Tessera Technologies, Inc. (NASDAQ: TSRA) announced that effective today, the company's Board of Directors appointed Robert A. Young, Ph.D., as president and chief executive officer. Young is currently a member Tessera's Board of Directors. Henry R. Nothhaft resigned today as the company's president and chief executive officer to pursue his advocacy of smart innovation policies in Washington, as presented in his recently-released book Great Again — Revitalizing America's Entrepreneurial Leadership (Harvard Business Press).
Nothhaft will continue to serve as chairman of the board of directors until May 20, 2011, shortly before the company's upcoming 2011 annual meeting of stockholders, and will remain in a non-executive advisory role to assist Tessera with various endeavors thereafter. Robert J. Boehlke will succeed Nothhaft as chairman. Boehlke is currently a member of Tessera's Board of Directors.
"On behalf of the board and the entire company, I would like to thank Hank for his service to Tessera as a member of our board of directors and CEO," said Young. "Under Hank's leadership, the company made numerous operational improvements and experienced growth, both organic and acquired. We wish Hank all the best in the years to come."
"Tessera is a great company, with an exciting future ahead, and I am reluctant to leave," said Henry R. Nothhaft. "But the impact on our economy of national innovation policies, including the patent reform legislation currently pending in Congress, presents a significant challenge at this critical juncture. This is where I'd like to focus my time and efforts now."
Young has served as a member of Tessera's board of directors since its inception in 1991. He has had a broad career including 17 years at IBM Corporation, where he held various executive positions. Subsequently, Young served as the managing partner of Dillon, Read & Co., Inc.'s venture capital operation before serving as Dillon, Read & Co.'s head of Technology Banking. He has a Ph.D. in physical chemistry from the Massachusetts Institute of Technology and a B.S. with honors in chemistry from the University of Delaware.
"This is a very exciting time in the company's history, given the opportunities we see to maximize long-term shareholder value," continued Young. "The investments made in the last several years have positioned us well to take advantage of two rapidly growing and changing markets: consumer optics and intellectual property. The board has initiated efforts to re-structure the businesses to take full advantage of these emerging opportunities."
It came across in the call as if Mr Nothaft got a taste of Washington lobbying and wants more of it. Not so much as a hint of change in corporate direction, and Mr Young sounded like he'd had since morning to prepare. I guess it's technically correct for Mr Boehlke to have been absent from the call, but I really would have expected at least a shout-out if the board had been calling the shots.
I wouldn't be too surprised if another shoe drops.