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MOSAID Names New CEO and New Chairman of the Board
Monday, April 09, 2007
Ottawa -- MOSAID Technologies Incorporated (TSX:MSD) today announced the appointment of John C. Lindgren as the Company's new President and Chief Executive Officer, effective immediately. Mr. Lindgren succeeds George Cwynar, who has served as MOSAID's President and CEO since 1994.
MOSAID also announced the appointment of Carl Schlachte, President and CEO of ARC International (LSE:ARK), as Chairman of the Board of Directors, effective immediately. Mr. Schlachte succeeds Thomas I. Csathy, who has served on MOSAID's board for 16 years. Mr. Csathy was appointed Vice Chairman of the Board in 1992 and has served as Chairman since 2002.
Richard D. Boadway, Chief Financial Officer since 1997 and Executive Vice President since 2003, will also be leaving the Company, following the orderly transfer of his responsibilities.
Mr. Cwynar, Mr. Csathy, and Mr. Boadway will also continue to serve as Directors on MOSAID's board during a transition period.
"Mr. Lindgren is an internationally experienced executive with a track record of success in semiconductor patent licensing and litigation," said Mr. Schlachte. "Since joining MOSAID in November 2006 as Senior Vice President Patent Licensing, General Counsel and Corporate Secretary after a 20-year career with Texas Instruments, John has demonstrated the leadership qualities that are required to take MOSAID forward as a focused intellectual property company."
Mr. Lindgren was heavily involved in patent licensing for the majority of his career at Texas Instruments. He was also responsible for company-wide legal support for the Asia Pacific region and served as Senior Regional Counsel for Texas Instruments Japan in Tokyo for two years. Prior to that, as a key member of TI's patent cross-licensing team, Mr. Lindgren helped drive the licensing strategy that resulted in the collection of over US$2 billion in royalties.
MOSAID also announced today that the Company and its investment bankers are continuing the strategic review of its Semiconductor IP product business, which designs and licenses semiconductor IP circuit blocks. The alternatives under consideration include a potential sale of this business.
"I look forward to communicating with MOSAID's shareholders as we embark on this new phase in the Company's growth," said Mr. Lindgren. "By focusing on our core patent licensing competencies, I believe we can execute more efficiently and achieve greater shareholder value. We will also continue our ongoing review of MOSAID's strategic alternatives."
MOSAID's board expresses its sincere appreciation for the many years of inspired and dedicated leadership given by Messrs. Cwynar, Boadway and Csathy. During their tenure, these three executives developed MOSAID into an internationally recognized and highly profitable intellectual property development and licensing company.
Mr. Cwynar, one of Canada's longest serving technology executives, joined MOSAID 13 years ago and guided its transition from a semiconductor memory design house and tester manufacturing operation into the intellectual property company it is today. Mr. Csathy, who was named a Director in 1991, led MOSAID through a formative phase that included its initial public offering in 1993 and continually set and maintained high corporate governance standards. Mr. Boadway, a key member of the executive team since joining the Company as CFO in 1997, has provided a very high standard of financial stewardship and was instrumental in leading MOSAID through the technology downturn in 2001 and during its re-emergence as a growth-oriented company.
MOSAID Technologies Incorporated makes semiconductors better through the development and licensing of intellectual property. MOSAID counts many of the world's largest semiconductor companies among its customers. Founded in 1975, MOSAID is based in Ottawa, Ontario, with an office in Santa Clara, California. For more information, visit www.mosaid.com.
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