Spansion (SPSN) CEO Resigns; Continues to Review Strategic Alternatives

February 2, 2009 4:17 PM EST

Spansion Inc. (Nasdaq: SPSN) announced executive management changes as part of the company's previously announced plans to restructure the company and explore strategic alternatives for a sale or merger. Effective today, Dr. Bertrand Cambou has resigned as president and chief executive officer and has resigned from the Spansion(R) Board of Directors. Dr. Boaz Eitan, an executive vice president and member of the board of directors, has been named interim president of Spansion. Dr. Cambou has agreed to provide consulting services to Spansion. The company is actively engaged in efforts to further strengthen its management team to support its strategic and restructuring initiatives and will report any decisions at a later time.

On January 15, 2009, Spansion announced it was exploring strategic alternatives for a sale or merger. The company also announced plans to restructure its balance sheet. The objective of these potential strategic alternatives is to build on Spansion's position as a leading supplier of NOR Flash memory by creating significantly greater scale and to provide Spansion's customers with a broader range of more cost-effective memory solutions.

Spansion is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications.[SM]

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