Synaptics Announces CEO Transition

Core Viewpoint - Synaptics Incorporated announced a leadership transition with Michael Hurlston stepping down as President and CEO, effective immediately, to take on the CEO role at Lumentum Holdings Inc. [1][4] Leadership Transition - Ken Rizvi, the Chief Financial Officer, has been appointed as Interim CEO during this transition period [2] - Nelson Chan, Chairman of the Board, will serve as Executive Chairman until a new CEO is appointed [2] - The Board is actively searching for a new CEO, considering both internal and external candidates [2] Acknowledgments and Future Outlook - Nelson Chan expressed gratitude for Hurlston's contributions over the past five years, highlighting his role in driving innovation and growth in AI at the Edge [3] - Hurlston acknowledged the dedication of the Synaptics team and expressed pride in the company's success and innovative portfolio [3] - Ken Rizvi emphasized the opportunities ahead and the commitment to executing the growth roadmap [3] Preliminary Financial Results - Synaptics expects fiscal Q2 revenue of $267 million, which is in line with previous guidance [3] - The company anticipates gross margin to align with the mid-point of prior guidance, while operating expenses are expected to be slightly above the mid-point [3] - Projected financial metrics include: - Revenue: $265 million ± $15 million - Gross Margin: 45.0% ± 1.5% (GAAP), 53.5% ± 1.0% (Non-GAAP) - Operating Expense: $136 million ± $4 million (GAAP), $96 million ± $2 million (Non-GAAP) - Earnings per Share: ($0.45) ± $0.20 (GAAP), $0.85 ± $0.20 (Non-GAAP) [3][5] Upcoming Financial Reporting - Synaptics will provide further financial details when it reports its second quarter fiscal 2025 results on February 6, 2025 [6] - A conference call for analysts and investors is scheduled for 2:00 p.m. PT (5:00 p.m. ET) on the same day [6]