tech news-Conexant CEO steps down Sailesh Chittipeddi new CEO
Golden Gate Capital and its affiliate, Gold Holdings Inc., have announced the appointment of Sailesh Chittipeddi to the positions of president and chief executive of Conexant Systems Inc.
Chittipeddi succeeds Scott Mercer, who became Conexant’s chief executive in April 2008.
Since November 2010, Chittipeddi previously served as the company’s president and chief operating officer responsible for engineering, operations, quality, and marketing. From 2009 to 2010, he was the company’s co-president, with responsibility for global engineering, operations, quality, IT, and associated infrastructure-support activities.
As reported, Conexant is going private. Investment firm Golden Gate Capital recently agreed to purchase all of the outstanding shares of Conexant’s common stock at a price of $2.40 per share in cash.
Conexant terminated its previously announced agreement with Standard Microsystems Corp. and paid to SMSC the $7.7 million termination fee provided for under that agreement.