Aquantia Announces Appointment of Pirooz Parvarandeh as Chief Operating Officer
SAN JOSE, Calif.--(BUSINESS WIRE)-- Aquantia Corp., (NYSE: AQ), a leader in high-speed, Multi-Gigabit Ethernet connectivity solutions, today announced the appointment of Pirooz Parvarandeh as Chief Operating Officer, reporting to Faraj Aalaei, Aquantia’s Chairman and CEO, effective immediately. The company also announced today the departure of Ramin Shirani, Senior Vice President of Engineering.
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Aquantia Appoints Pirooz Parvarandeh as Chief Operating Officer (Photo: Business Wire)
With over 33 years of experience, Mr. Parvarandeh was formerly the Group President and the first Chief Technology Officer (CTO) at Maxim Integrated where he spent 27 years building leading edge technology businesses, helping scale the company from 150 employees, when he joined, to over 8,000 employees and revenues of $2.4 billion when he left. Mr. Parvarandeh held technical and management positions and had P&L responsibility for highly profitable business units with revenues of $800M per year. Mr. Parvarandeh launched multiple initiatives to enhance innovation at Maxim Integrated and started their Automotive Business Unit, which he grew to well over $100 million prior to becoming CTO. Mr. Parvarandeh completed his Bachelor of Science and Master of Science degrees in Electrical Engineering at the California Institute of Technology, Pasadena, CA and holds 28 issued and pending patents.
“Pirooz’ proven leadership skills and deep understanding of the semiconductor industry will be invaluable to Aquantia as we continue to scale our business as a public company,” says Faraj Aalaei, Chairman and CEO of Aquantia. “He adds his deep knowledge and experience in scaling a business to an already strong team at Aquantia. In his role as COO, Pirooz will oversee all engineering and manufacturing operations. I look forward to working closely with him as he leads these organizations to support the growth of our business.”
“Aquantia successfully completed its IPO in November 2017 on the back of an established leadership position and strong revenue in the Data Center, Enterprise and Access Markets, with the objective to expand further into the Automotive market in the near future,” Mr. Aalaei continued. “As we continue to grow our engineering and manufacturing to support these markets, we are excited to bring on board a COO with the experience to successfully manage and scale large development organizations and proliferate product portfolios.”
“I am thrilled to join Aquantia at this exciting time,” said Mr. Parvarandeh. “Aquantia has managed to take leadership positions in multiple high-growth markets with an impressive track record of turning disruptive technologies into business success. I look forward to leveraging my knowledge and experience to contribute to Aquantia’s continuing success.”
Mr. Aalaei and the Board of Directors are grateful for Mr. Shirani’s contribution to the success of the company thus far. Previous direct reports to Mr. Shirani within the engineering organization will now report to Mr. Parvarandeh.
Safe Harbor Statement
This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected, particularly with respect the anticipated benefits to the Company from of Mr. Parvarandeh’s appointment as chief operating officer, including the Company’s ability to scale its business and the successful execution of its long-term strategy; plans or operations relating to the Company’s businesses; and the Company’s expectations regarding growth opportunities, including data center, enterprise infrastructure, access and automotive markets. These risks and uncertainties, without limitation, include: the Company’s ability to realize the benefits from its appointment of a new chief operating officer, the ability of the Company to scale its operations and manage its growth; the size and growth potential of the markets that the Company targets and the Company’s ability to compete therein and other risks disclosed in the Company’s SEC filings, including its most recent Quarterly Report on Form 10-Q, which are available on the SEC’s website at www.sec.gov. These forward-looking statements are based on the Company's expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in the Company's expectations.
Aquantia is a leader in the design, development and marketing of advanced, high-speed communications ICs for Ethernet connectivity in the Data Center, Enterprise Infrastructure, Access and Automotive markets. Aquantia products are designed to cost-effectively deliver leading-edge data speeds for use in the latest generation of communications infrastructure to alleviate network bandwidth bottlenecks caused by the growth of global IP traffic. Aquantia is headquartered in Silicon Valley. For more information, visit www.aquantia.com.
Source: Aquantia Corp.