Silicon Image Announces Departure of CEO; Harold Covert Appointed as President and COO.SUNNYVALE, Calif. -- Silicon Image, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SIMG SIMG Societa' Italiana Di Medicina Generale ), a leader in semiconductors and intellectual property for the secure distribution, presentation and storage of high-definition (HD) content, today announced the resignation of its president and chief executive officer, Steve Tirado, 55. Hal Covert, 62, chief financial officer, will be taking over as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , effective immediately. Covert joined Silicon Image from Openwave Systems Inc. in 2007, and has more than 30-years of management experience at technology and telecommunications companies. "We want to thank Steve for his contributions to Silicon Image over the past 10 years," said Peter Hanelt, chairman of the board of directors at Silicon Image, Inc. "Steve played a key role in leading the company to achieve its vision of delivering digital content everywhere with the development of exciting technology initiatives including the HDMI (High-Definition Multimedia Interface) A digital interface for audio and video signals designed as a single-cable solution for home theater and consumer electronics equipment. [R] Standard, the formation of the SPMT SpMT Speculative Multithreading (computer architecture) SPMT Self Propelled Modular Transporter SPMT Software Process Modeling Technology SPMT Single Pole Multithrow (switch) SPMT Static Prefix Mapping Table [TM] Consortium, and continued developments with our Mobile High-Definition Link and LiquidHD[TM] technology efforts." Hanelt continues, "Moving forward, Silicon Image has strong talent, leading-edge technology, and a solid balance sheet with no debt and approximately $160M in cash. The management team is focused on our customers, executing on our product strategy, and enhancing shareholder value." Silicon Image has retained the services of an executive search firm to find a new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . About Silicon Image, Inc. Silicon Image, Inc. is a leading provider of semiconductor and intellectual property products for the secure distribution, presentation and storage of high-definition content. With a rich history of technology innovation that includes creating industry standards such as DVI (1) (Digital Video Interactive) An earlier compression technique that provided up to 72 minutes of full-screen video on a CD-ROM. Acquired by Intel in 1988 from RCA's Sarnoff Research labs, Princeton, NJ, DVI never caught on. and HDMI, the company's solutions facilitate the use of digital content amongst consumer electronics, personal computer (PC) and storage devices, with the goal to securely deliver digital content anytime, anywhere and on any device. Founded in 1995, the company is headquartered in Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. , with regional engineering and sales offices in China, Germany, Japan, Korea and Taiwan. For more information, please visit http://www.siliconimage.com/. Forward-looking Statements This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements include, but are not limited to, statements related to Silicon Image's technology, balance sheet, product strategy and enhancement of shareholder's value. These forward-looking statements involve risks and uncertainties, including the risks of uncertain economic conditions, competition in our markets, the Company's ability to deliver financial performance in-line with its stated goals and other risks and uncertainties described from time to time in Silicon Image's filings with the Securities and Exchange Commission (SEC). These risks and uncertainties could cause the actual results to differ materially from those anticipated by these forward-looking statements. In addition, see the Risk Factors section of the most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q filed by Silicon Image with the U.S. Securities and Exchange Commission. These forward-looking statements are made on the date of this press release, and Silicon Image assumes no obligation to update any such forward-looking information. Silicon Image, the Silicon Image logo, and LiquidHD are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and/or other countries. HDMI, the HDMI logo, and High-Definition Multimedia Interface The High-Definition Multimedia Interface (HDMI) is a licensable audio/video connector interface for transmitting uncompressed, encrypted digital streams. HDMI connects DRM-enforcing digital audio/video sources, such as a set-top box, a Blu-ray Disc player, a PC running are trademarks or registered trademarks of HDMI Licensing, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control in the United States and/or other countries. SPMT and the SPMT logo are trademarks or registered trademarks of SPMT, LLC in the United States and/or other countries. All other trademarks and registered trademarks are the property of their respective owners in the Unites States and/or other countries. |
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