Xperi CEO Tom Lacey leaves at short notice

  • Signs for push-out forces
  • After around three years on the job
  • Laud, praise, thanks and good wishes for Lacey
  • Jon Kirchner taking over

(exechange) — San Jose, California, May 03, 2017 — Tom Lacey, chief executive of Xperi, leaves. It is a change at short notice. As announced by Xperi Corporation in a news release and in a regulatory filing published on Wednesday, May 03, 2017, Thomas A. (Tom) Lacey leaves the post as Chief Executive Officer at the semiconductor manufacturing company in a surprising move after around three years on the job, effective June 01, 2017.

Lacey’s duties are taken over by Jon Kirchner, currently President at Xperi Corporation.

“A time of increasing opportunity for audio, imaging and semiconductor packaging solutions”

A reason for the imminent change was not explicitly given. Xperi said: “Mr. Kirchner assumes leadership of Xperi at a time of increasing opportunity for audio, imaging and semiconductor packaging solutions as the world moves toward ubiquitous, smart, connected devices and enhanced consumer experiences.”

Precise information about the future plans of Lacey was not immediately available.

“Retire”

Xperi said: Tom Lacey “informed the board of his desire to retire as CEO of Xperi and from the Board of Directors.”

Share price decline

The change follows a sharp decline in the share price of Xperi Corporation since February 2017.

Chaired by Richard S. Hill

Xperi Corporation is chaired by Richard S. Hill.

Richard S. Hill served as Interim Chief Executive Officer at Tessera Holding Corporation (formerly Tessera Technologies, Inc.) from April 15, 2013 to May 29, 2013. In February 2017, Tessera Holding Corporation changed its name to Xperi Corporation.

On the job as CEO since 2013

Thomas A. Lacey has been the Chief Executive Officer of Tessera Holding Corporation since December 10, 2013.

Tom Lacey is the Company’s chief executive officer and he also serves on the Company’s board of directors.

He is the former chairman and CEO of Components Direct.

Previously, Lacey served as the president, CEO and a director of Phoenix Technologies Ltd., and as the corporate vice president and general manager of the SunFab™ Thin Film Solar Products group of Applied Materials, Inc.

He has held multiple executive-level positions with companies including President of Flextronics International’s Components Division, now Vista Point Technologies; Chairman and CEO of International Display Works; and Intel Corp roles including President of Intel Americas and Vice President and General Manager of Intel’s Flash business unit.

Lacey currently serves on the board of directors of publicly traded DSP Group, Inc., where he is the chairman of the audit committee.

He holds a B.A. in computer science from the University of California, Berkeley, and an MBA from the Leavey School of Business at Santa Clara University.

A die-hard SF Giants fan, Lacey enjoys running, playing basketball and weight training, but most importantly, spending time with his wife of more than 30 years, Janet, his 4 kids, and his extended family.

Lacey will remain with the Company as an advisor through the end of the year, with a focus on the Company’s IP licensing business.

Signs for push-out forces

It is not completely certain what forces eventually triggered Tom Lacey’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 19.2017 ($).