Flash memory technology maker Spansion Inc. [
SPSN] has taken the first step in its search for strategic alternatives since hiring Barclays Capital last month. The company today
announced that Bertrand Cambou has relinquished his president and CEO posts.
Spansion executive vice president and director Boaz Eitan will take the president post on an interim basis. He's the founder of Saifun Semiconductors Ltd., which was acquired by Spansion for $368 million early last year. Cambou will continue working with the company as a consultant.
Spansion has been the subject of takeover rumors and speculation it was
preparing to file for Chapter 11 bankruptcy protection. Despite its struggles, it leads the market
for so-called NOR flash memory, which stores operating instructions for
electronic devices, especially cell phones.
The company, which was founded as a joint venture between Advanced Micro Devices Inc. [
AMD] and Fujitsu Ltd. reported a third-quarter loss of $118 million on sales of $631 million.
In November it warned that fourth-quarter sales would drop 20% below
its third-quarter results.
Spansion shares slid 4% Monday to close at 6.4 cents each. -- Olaf de Senerpont Domis
See Feb. 2 press release from SpansionSee October 2007 post on Spansion's Saifun acquisition from Tech Confidential
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