SAN JOSE, Calif. -- Amid a lower forecast for the quarter, Silicon Image Inc. has announced the resignation of its president and chief executive, Steve Tirado.
Hal Covert, chief financial officer, will be taking over as president and chief operating officer, effective immediately. Silicon Image (Sunnyvale, Calif.) has retained the services of an executive search firm to find a new CEO.
Silicon Image, a supplier of semiconductors and intellectual property for the secure distribution, presentation and storage of high-definition (HD) content, also expects revenue for fiscal third quarter 2009 to be below the financial guidance previously provided on July 23.
The company now expects its Q3 2009 revenue to be approximately $37-to-$39 million, as compared to the previous guidance of $44-to-$46 million.
"We are disappointed to report this revised revenue outlook," said Covert in a statement. "During the third quarter of 2009 we continued to experience the impact of the product transition the company has been undergoing since 2008, in particular its effect on legacy products' declining average selling prices. This factor, combined with our customers' shift in production from high-end products to mid-range and low-end products, has put more pressure than anticipated on Silicon Image's goal of improving revenue generation.''
In other news, Silicon Image announced the formation of the Mobile High-Definition Interface Working Group with Nokia, Samsung, Sony and Toshiba. ''This is an important step in the process of Silicon Image moving forward with its strategy around Mobile High-Definition Link technology,'' according to Silicon Image.
