SUNNYVALE, Calif., Sep 28, 2009 -- Silicon Image, Inc. (NASDAQ:SIMG), a leader in semiconductors and intellectual property for the secure distribution, presentation and storage of high-definition (HD) content, today announced the resignation of its president and chief executive officer, Steve Tirado, 55.
Hal Covert, 62, chief financial officer, will be taking over as president and chief operating officer, effective immediately. Covert joined Silicon Image from Openwave Systems Inc. in 2007, and has more than 30-years of management experience at technology and telecommunications companies.
"We want to thank Steve for his contributions to Silicon Image over the past 10 years," said Peter Hanelt, chairman of the board of directors at Silicon Image, Inc. "Steve played a key role in leading the company to achieve its vision of delivering digital content everywhere with the development of exciting technology initiatives including the HDMI(R) Standard, the formation of the SPMT(TM) Consortium, and continued developments with our Mobile High-Definition Link and LiquidHD(TM) technology efforts."
Hanelt continues, "Moving forward, Silicon Image has strong talent, leading-edge technology, and a solid balance sheet with no debt and approximately $160M in cash. The management team is focused on our customers, executing on our product strategy, and enhancing shareholder value."
Silicon Image has retained the services of an executive search firm to find a new CEO.
About Silicon Image, Inc.
Silicon Image, Inc. is a leading provider of semiconductor and intellectual property products for the secure distribution, presentation and storage of high-definition content. With a rich history of technology innovation that includes creating industry standards such as DVI and HDMI, the company's solutions facilitate the use of digital content amongst consumer electronics, personal computer (PC) and storage devices, with the goal to securely deliver digital content anytime, anywhere and on any device. Founded in 1995, the company is headquartered in Sunnyvale, California, with regional engineering and sales offices in China, Germany, Japan, Korea and Taiwan. For more information, please visit http://www.siliconimage.com/.