Leading microcontroller and touch technology solutions company Atmel Corporation recently announced the appointment of Steve Skaggs as interim Chief Financial Officer (CFO). Steve Skaggs will hold the new office immediately after Stephen Cumming steps down from his position of Vice President of Finance and CFO. Meanwhile, Atmel will continue with its search for a permanent CFO.
Steve Skaggs is currently entrusted with the responsibilities of the Senior Vice President of Corporate Strategy & Development division at Atmel. He brings on board 20 years of experience in the semiconductor industry along with global business insight in corporate restructuring and technology.
With his leadership traits, expertise and experience, Skaggs is expected to unlock further value for the company. We believe that Steve Skaggs’ sector-specific know-how will prove beneficial for Atmel and augment its revenues and margins going forward. Incidentally, Atmel also increased the lower range of its revenue guidance for first quarter 2013 from the earlier range of $311 million to $328 million to $318 million to $328 million.
With past experience in companies like Bain & Company, where he played a major role in corporate restructuring, mergers and acquisitions and strategic planning, Steve Skaggs is expected to bring in transformative changes in Atmel. Steve Skaggs had also served as the CEO and CFO of Lattice Semiconductor Corporation (LSCC - Free Report) .
Based in San Jose, Calif, Atmel designs, develops, manufactures and sells integrated circuit (IC) products. These products include microcontrollers, advanced logic, mixed-signal, non-volatile memory and radio frequency (RF) components. Atmel produces non-volatile memory that stores information after power is turned off and combines this with microcontrollers, digital signal processors and other products to meet the needs of its customers.
The company operates in an intensely competitive landscape that includes big players such as Anadigics, Inc . Atmel currently has a Zacks Rank #3 (Hold). One of its competitors, Semiconductor Manufacturing International Corp (SMI - Free Report) carries a Zacks Rank #1 (Strong Buy).