Atmel says CFO Cumming steps down

Atmel says CFO Cumming resigns; company raises low end of 1Q revenue outlook

Associated Press

NEW YORK (AP) -- Atmel Corp., which makes microcontrollers for mobile touch-screens, said Tuesday that Chief Financial Officer Stephen Cumming is resigning.

The San Jose, Calif., company said Cumming is not leaving because of any disputes or problems with the integrity of Atmel's financial statements, accounting policies, or practices. He has been CFO of the company since July 2008.

Atmel named Steve Skaggs interim CFO. Skaggs has been with the company since September 2010 and is in charge of corporate strategy and development. Atmel plans to hire an executive search firm to help find a permanent CFO.

The company also said it expects to report $318 million to $328 million in revenue in the first quarter. Previous guidance called for revenue between $311 million and $328 million.

FactSet says analysts expect $320.7 million in revenue on average.

Atmel lost 10 cents to close at $6.72.

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