IXYS Corp (IXYS) Adds co-CEO; Will Suspend Quarterly Stock Dividends
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IXYS Corporation’s (Nasdaq: IXYS) Board of Directors announced that Uzi Sasson has been promoted to the position of CEO of IXYS Corporation, a title he will share with Chairman and CEO Nathan Zommer. All manufacturing, sales, finance and legal departments will continue to report to IXYS CEO Uzi Sasson. All research and development, product engineering, marketing and other technology functions will continue to report to IXYS CEO Nathan Zommer.
“We have been working in tandem for the past several years, guiding IXYS’ growth and development to become one of the top power semiconductor companies in an ever consolidating industry. We plan to continue working together for the foreseeable future within the context of this re-designed management team," noted Nathan Zommer and Uzi Sasson. “This structure enables us to collaboratively reach decisions necessary to drive our strategic direction and execute it throughout our 14 subsidiaries globally.”
“Uzi is an exceptional executive who has demonstrated his operational and financial capabilities; the CEO position acknowledges his contributions to IXYS. The Board is pleased with the direction of the IXYS organization and expects this executive team will advance IXYS in the coming years," stated Nathan Zommer, Founder, Chairman and CEO of IXYS Corporation.
Prior to this appointment, Mr. Sasson served as IXYS’ President and CFO since December 2009. He has worked at IXYS since 2004, initially serving as the company's CFO and Vice President of Finance.
In addition to announcing management changes, IXYS has been actively seeking new organic and acquisitive growth opportunities. To that end, IXYS’ Board of Directors has decided to suspend quarterly stock dividends, allowing the company to retain approximately $1.2 million of cash quarterly or $4.8 million annually, which can be directed for growth initiatives, reinvestments, acquisitions or repurchases of the Company’s common stock. IXYS is currently working on several strategic opportunities; however, the IXYS Board of Directors may consider reinstituting dividends at some point in the future. Shareholders will be pleased to note that IXYS’ share repurchase program, which has approximately 832,000 shares available, remains in force.
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