SAN JOSE, Calif.--(BUSINESS WIRE)--
Xperi Corporation (NASDAQ:XPER) ("Xperi" or the "Company") announced
today that its Board of Directors has appointed Jon Kirchner, currently
President of Xperi, as Chief Executive Officer, effective June 1, 2017.
Mr. Kirchner will succeed Tom Lacey, who informed the board of his
desire to retire as CEO of Xperi and from the Board of Directors. Mr.
Lacey will remain with the Company as an advisor through the end of the
year, with a focus on the Company's IP licensing business.
Mr. Kirchner has extensive technology leadership experience, including
almost two decades leading DTS, Inc., which was acquired by Xperi in
December 2016. Under Kirchner's leadership, DTS grew from a small
startup to a leading audio technology enterprise, serving the global
cinema, home, mobile and automotive markets. Mr. Kirchner assumes
leadership of Xperi at a time of increasing opportunity for audio,
imaging and semiconductor packaging solutions as the world moves toward
ubiquitous, smart, connected devices and enhanced consumer experiences.
"Jon has an outstanding track record of business success and his
experience with DTS makes him uniquely qualified to lead Xperi into the
future," said Rick Hill chairman of the Board of Directors. "Since
joining Xperi through the DTS acquisition, Jon has established himself
as a respected leader within our organization and is the ideal person to
take Xperi forward and ensure we capitalize on the many opportunities
that lay ahead for our business."
"Xperi is in a unique position to deliver integrated solutions that
enable a transformative consumer experience through the continued
innovation of sight, sound and packaging solutions," said Kirchner. "The
combination of an exciting opportunity on the product and technology
side of the business, coupled with the incredible strength of our team,
track record and asset portfolio on the IP licensing side, is a
fantastic foundation upon which to build a great future. I am thrilled
to have the opportunity to lead such a talented global team."
Commenting on Mr. Lacey's departure, Mr. Hill said: "Tom has made an
immense contribution to Xperi. He joined the Company during a difficult
time and successfully transformed the business, strengthening its core
as an IP licensor and further expanding its scope to include a product,
technology and customer-focused business. The board and I wish to thank
him for his many contributions to the company and sincerely wish him the
best in his next chapter."
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 to the
Company's CEO transition and business opportunities. Material factors
that may cause results to differ from the statements made include the
plans or operations relating to the businesses of the Company; market or
industry conditions; changes in patent laws, regulation or enforcement,
or other factors that might affect the Company's ability to protect or
realize the value of its intellectual property; the expiration of
license agreements and the cessation of related royalty income; the
failure, inability or refusal of licensees to pay royalties; initiation,
delays, setbacks or losses relating to the Company's intellectual
property or intellectual property litigations, or invalidation or
limitation of key patents; fluctuations in operating results due to the
timing of new license agreements and royalties, or due to legal costs;
the risk of a decline in demand for semiconductors and products
utilizing our audio and imaging technologies; failure by the industry to
use technologies covered by the Company's patents; the expiration of the
Company's patents; the Company's ability to successfully complete and
integrate acquisitions of businesses; the risk of loss of, or decreases
in production orders from, customers of acquired businesses; financial
and regulatory risks associated with the international nature of the
Company's businesses; failure of the Company's products to achieve
technological feasibility or profitability; failure to successfully
commercialize the Company's products; changes in demand for the products
of the Company's customers; limited opportunities to license
technologies due to high concentration in applicable markets for such
technologies; the impact of competing technologies on the demand for the
Company's technologies; failure to realize the anticipated benefits of
the Company's recent acquisition of DTS, Inc., including as a result of
integrating the business of DTS; pricing trends, including the Company's
ability to achieve economies of scale; the expected amount and timing of
cost savings and operating synergies; and other developments in the
markets in which the Company operates, as well as management's response
to any of the aforementioned factors. You are cautioned not to place
undue reliance on the forward-looking statements, which speak only as of
the date of this release.
The foregoing review of important factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary
statements that are included herein and elsewhere, including the Risk
Factors included in the Company's recent reports on Form 10-K and Form
10-Q and other documents of the Company on file with the Securities and
Exchange Commission (the "SEC"). The Company's SEC filings are available
publicly on the SEC's website at www.sec.gov.
Any forward-looking statements made or incorporated by reference herein
are qualified in their entirety by these cautionary statements, and
there can be no assurance that the actual results or developments
anticipated by the Company will be realized or, even if substantially
realized, that they will have the expected consequences to, or effects
on, the Company or its business or operations. Except to the extent
required by applicable law, the Company undertakes no obligation to
update publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise.
About Xperi Corporation
Xperi Corporation (Nasdaq: XPER) and its wholly owned subsidiaries, DTS,
FotoNation, Invensas and Tessera, are dedicated to creating innovative
technology solutions that enable extraordinary experiences for people
around the world. Xperi's solutions are licensed by hundreds of leading
global partners and have shipped in billions of products in areas
including premium audio, broadcast, computational imaging, computer
vision, mobile computing and communications, memory, data storage, and
3D semiconductor interconnect and packaging. For more information,
please call +1 408-321-6000 or visit www.xperi.com.
SOURCE: XPERI CORPORATION
XPER-G
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Investor Relations:
Xperi Corporation
Geri Weinfeld, +1
818-436-1231
geri.weinfeld@xperi.com
or
Public
Relations:
Xperi Corporation
Jordan Miller, +1 818-436-1082
jordan.miller@xperi.com
Source: Xperi Corporation
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