- Push-out Score determined
- After about six and a half years in the position
- Praise and thanks for Croteau
- Steve Daly taking over
(exechange) — Lowell, Massachusetts, May 16, 2019 — John Croteau, chief executive of Macom, leaves. As announced by Macom Technology Solutions Holdings Inc. in a news release on Thursday, May 16, 2019, John Croteau has left his post as Chief Executive Officer at the producer of radio, microwave, and millimeter wave semiconductor devices and components after about six and a half years in the role, effective May 15, 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 7.9 years, according to data compiled by exechange.
John Croteau’s duties will be taken over by Stephen G. (Steve) Daly, a former Chief Executive Officer of Hittite Microwave Corporation.
Already a director
Daly is already a director of Macom. Often a board member is a last resort, someone who is turned to in desperation when a company cannot find suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Daly understands the expectations and dynamics of the board and has knowledge of Macom’s organization, risk-management practices and strategy.
“Enable Macom to reach its full potential”
A reason for John Croteau’s departure from the CEO post was not explicitly provided. John Ocampo, Chairman of the Board of Directors, said: “We are confident that Steve will be successful in advancing our strategies, which we believe will enable Macom to reach its full potential.”
Precise information regarding John Croteau’s future plans was not immediately available.
Macom said: “Mr. Daly succeeds John Croteau, who resigned on May 15, 2019.”
Share price decline
The announcement follows a decline in Macom Technology Solutions Holdings Inc.’s share price of 75 percent since July 2017.
Chaired by John Ocampo
Macom Technology Solutions Holdings Inc. is chaired by John Ocampo.
John Ocampo has served as a director and as the Chairman of the board of directors since the Company’s inception in March 2009.
In the position of CEO since 2012
Croteau had served as President and Chief Executive Officer since December 2012.
Croteau will be available to Macom in an advisory capacity for the next two months to ensure a smooth transition.
Croteau joined the Company from NXP Semiconductors N.V. (“NXP”), a provider of mixed signal solutions and standard products, where he served as the Senior Vice President and General Manager of its High-Performance RF business from May 2008 to October 2012.
For three of those years, Croteau also managed NXP’s Power & Lighting Solutions business.
Prior to joining NXP, Croteau held numerous product management positions at Analog Devices, Inc. (“ADI”), a high-performance semiconductor company, including General Manager for ADI’s Convergent Platforms and Services Group as well as product line director for the Integrated Audio Group.
Croteau holds a B.S. in Engineering Science and Mechanics from Penn State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Macom and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2019 ($).