- After 15 years in the position
- Thanks and good wishes for Viegas
- Carl Schlachte taking over in the interim
- Search for a successor
(exechange) — San Jose, California, November 30, 2017 — Vic Viegas, chief executive of Immersion, leaves. As announced by Immersion Corp. in a news release and in a regulatory filing published on Thursday, November 30, 2017, Victor (Vic) Viegas leaves his post as Chief Executive Officer at the developer and licensor of touch feedback technology after 15 years in the position.
It is the end of an era.
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 twelve months was 8.8 years, according to data compiled by exechange. Only 14 percent of the CEOs who departed over the past twelve months left the position after more than 15 years.
The exact date of Viegas’ departure was not given in the announcement.
Immersion will undertake a search for a successor.
Viegas’ duties will be taken over in the interim by Carl Schlachte, currently Chairman of the Board at Immersion Corp.
Immersion Corp. still listed Viegas as President and Chief Executive Officer on its leadership page.
„The Board has decided to pursue new leadership for the company”
Viegas’ departure from the CEO post is explained as follows. Schlachte said in a fairly blunt statement: „After a thorough review of our business and strategy, the Board has decided to pursue new leadership for the company.“
Precise information about Viegas’ future plans was not immediately available.
„Agreed to resign“
Immersion said: „Immersion Corp. … announced that at the request of the Board of Directors, Vic Viegas has agreed to resign as Chief Executive Officer and as a director.“
Immersion further said: „On November 29, 2017, Victor Viegas has agreed to resign as Chief Executive Officer and a director of Immersion Corporation.“
Share price decline
The change follows a decline in the share price of Immersion Corp. since February 2017.
Chaired by Carl Schlachte
Immersion Corp. is chaired by Carl Schlachte.
Carl Schlachte has been a member of the board since June 2011 and was elected Chairman July 2012.
In the position of CEO since 2002
Victor Viegas joined Immersion in 1999 as Chief Financial Officer, was part of the team that took the company public, and was promoted to Chief Executive Officer in 2002.
Under Viegas’ leadership, the company has become the leading developer and licensor of touch feedback technology.
Viegas steered the company to profitability in 2007, while expanding the Company’s markets, technology offerings and the Company’s strong intellectual property portfolio organically and through several acquisitions that have become the foundation for the Company’s long-term growth opportunities.
He retired in early 2008 and returned to an active leadership role in October 2009.
Prior to Immersion, Viegas served as Chief Financial Officer of Macrovision Corporation, a developer and licensor of video and software copy protection technologies.
From 1986 to 1996, he served as Chief Financial Officer of Balco Incorporated, a manufacturer of advanced automotive service equipment.
Viegas holds a B.S. in Accounting and an M.B.A. from Santa Clara University.
Read the full story in the exechange report 49.2017 ($).