QLogic CEO Resigns

QLogic has named Chief Financial Officer Jean Hu to serve as interim CEO after announcing Friday that President and Chief Executive Officer Simon Biddiscombe had resigned both these offices, and quit his position as a director of the company as well, "in order to pursue other opportunities."

It was a rather sudden move, too, as QLogic said the resignations all took effect "immediately." The networking switch-maker says it is looking for a permanent replacement. Biddiscombe joined the company in 2008.

In other news, QLogic said it reaffirmed its non-GAAP financial guidance, given earlier this month, for the current first fiscal quarter of 2014. The company said on its Q4 earnings conference call that it expected Q1 revenues to range from $110 million to $116 million with gross margins of 67% to 68% and pro forma earnings of between $0.11 and $0.16 per share.



The article QLogic CEO Resigns originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.