SiRF’s CEO “resigned”

SiRF’s CEO “resigned”
SiRF Technology today announced that “Michael L. Canning has resigned effective immediately as CEO and president and as a member of its board of directors”. Diosdado P. Banatao, a founder, and chairman of SiRF's board of directors, has been appointed executive chairman and has assumed the role of interim president and CEO.

The departure of Michael Canning is yet another chapter in the difficult story that SiRF unfolds since the beginning of the year. Early February SiRF released disappointing results for its fourth quarter 2007. Later that month a class action lawsuit was started on behalf of purchasers of SiRF stocks, alleging that the management team “issued materially false and misleading statements regarding the SiRF business and prospects and that as a result SiRF stock traded at artificially inflated prices”.

Finally, on March 25, SiRF warned investors its first quarter revenue expectations would be down from a previously expected $71M-$77M to $60M-62M. At that time SiRF announced a “corporate restructuring effort which will include a reduction the Company's headcount by approximately 7% by September 30, 2008”. It seems the board finally decided Mr. Canning should be part of this layoff plan.

Thursday, April 17th 2008

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