- Push-out Score determined
- After around seven years in the position
- Thanks for Bergman
- Responsibilities redistributed
- Search for a successor
(exechange) — San Jose, California, March 15, 2019 — Rick Bergman, chief executive of Synaptics, leaves. It is an abrupt change. As announced by Synaptics Inc. in a news release and in a regulatory filing published on Friday, March 15, 2019, Richard (Rick) Bergman has left his post as Chief Executive Officer at the software company after around seven years in the role, effective March 14, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.1 years, according to data compiled by exechange.
Synaptics will undertake a search for a successor.
The position of Chief Executive Officer is currently not filled. For the time being, Rick Bergman’s responsibilities are redistributed.
“Around the lower end of the original guidance range”
A reason for Rick Bergman’s sudden departure from the CEO post was not explicitly provided. Synaptics said: “In addition, the Company is updating its third fiscal quarter guidance and now expects revenue and non-GAAP EPS to be around the lower end of the original guidance range of $340 million to $380 million and $0.70 to $1.00, respectively. Third quarter revenue is affected by demand softness in China.”
Precise information regarding Rick Bergman’s future plans was not immediately available.
Synaptics said that it “announced an executive leadership transition and the departure of Richard Bergman as Chief Executive Officer, effective immediately.”
Synaptics further said: “On March 15, 2019, Synaptics Incorporated … issued a press release announcing a change in the leadership of Synaptics and the departure of Richard Bergman as Synaptics’ Chief Executive Officer, effective as of March 14, 2019.”
“Not a result of any disagreement”
“Mr. Bergman’s departure was not a result of any disagreement with Synaptics on any matter relating to Synaptics’ operations, policies, or practices,” Synaptics said.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Share price decline
The announcement follows a decline in Synaptics Incorporated’s share price of 57 percent since May 2015.
Chaired by Nelson C. Chan
Synaptics Incorporated is chaired by Nelson C. Chan.
Chan has been a director of the Company since February 2007. From December 2006 until August 2008, Chan served as the Chief Executive Officer of Magellan, a leader in the consumer, survey, GIS, and OEM GPS navigation and positioning markets.
In the position of CEO since 2011
Richard A. Bergman has been the Chief Executive Officer and President at Synaptics Inc. since September 28, 2011.
Prior to joining the Company, Bergman was Senior Vice President and General Manager of Product Group at Advanced Micro Devices, Inc. or AMD, a New York Stock Exchange-listed global semiconductor company, from May 2009 to September 2011.
From October 2006 to May 2009, Bergman served as Senior Vice President and General Manager of AMD’s Graphics Product Group.
Bergman’s career at AMD began in October 2006 when AMD acquired ATI Technologies, or ATI, where he served as Senior Vice President and General Manager of PC Group.
Prior to ATI, Bergman served as Chief Operating Officer at S3 Graphics, a division of SonicBlue Inc. Bergman has held senior level management positions in the technology field since his early roles at Texas Instruments, Inc. and IBM.
Bergman is a member of the Board of Directors, Chairman of the Compensation Committee, and a member of the Audit Committee of Maxwell Technologies, a developer and manufacturer of energy storage and power delivery solutions.
Bergman holds a Bachelor of Science degree in Electrical Engineering from the University of Michigan and a Master’s degree in Business Administration from the University of Colorado.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Rick Bergman was pushed out or felt pressure to leave the position.
exechange reached out to Synaptics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2019 ($).