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Silicon Image to separate CEO and Chairman role
Search For New CEO Initiated
SUNNYVALE, Calif. June 24, 2004 — Silicon Image, Inc. (Nasdaq: SIMG), a leader in multi-gigabit semiconductor solutions for the secure transmission and storage of rich digital media, today announced that Chairman, Founder and CEO, Dr. David Lee, is leading a search committee effort to identify and appoint a successor as CEO. Dr. Lee will maintain an active role in the company as full-time chairman of the board, focusing on the development and delivery of the company's long-term vision and strategy.
"My decision to relinquish the CEO role is driven by two primary factors. First I and the rest of the board of directors believe that Silicon Image's leadership in standards-based, high-bandwidth ICs and IP for the consumer electronics, storage and PC display market, place it in an excellent position to benefit from explosive demand for secure digital content distribution solutions. We are confident that the magnitude and nature of this opportunity will enable us to recruit a world-class executive who will partner with me to build Silicon Image to greater heights," said Dr. Lee. "And second, the board and I are committed to exemplifying excellence in corporate governance, and therefore believe it is important to separate the roles of the CEO and chairman."
To underscore this commitment to excellence in corporate governance, Andy Rappaport-partner of August Capital and Silicon Image board member since 1997-has been named as the company's lead independent director. "The Board of Directors wholeheartedly supports David's commitment to achieve world-class excellence in governance as we face the challenges of a growing public company," said Mr. Rappaport. "We are committed to working with him to accomplish the goals he has laid out."
"After nearly a decade as CEO," continued Lee, "I look forward to being able to focus my energy on strategic opportunities as we prepare for the continued challenges associated with growing into a larger and more complex global organization. Just as we have excelled at developing and driving innovative industry standards, products and business models, we must now focus on applying these core competencies to elevating strategy, management and corporate governance to new levels."
Silicon Image has engaged an executive search firm to commence the search for a new CEO. The Company will not be commenting on the status of the search until concluded. In the interim Dr. Lee will remain as CEO until a successor is named.
About Silicon Image
Headquartered in Sunnyvale, Calif., Silicon Image, Inc. designs, develops and markets multi-gigabit semiconductor and system solutions for a variety of communications applications demanding high-bandwidth capability. With its proprietary Multi-layer Serial Link (MSL™) architecture, Silicon Image is well positioned for leadership in multiple mass markets including PCs, consumer electronics and storage. Currently, Silicon Image leads the global PC/display arena with its innovative digital interconnect technology, and has emerged as a leading player in the consumer electronics and storage markets-offering robust, high-bandwidth semiconductors. For more information on Silicon Image, visit www.siliconimage.com
This news release contains forward-looking information within the meaning of federal securities regulations. These forward-looking statements include statements related to future product demand, timing of hiring a new CEO and future corporate performance. These forward-looking statements involve risks and uncertainties, including those described from time to time in Silicon Image's filings with the Securities and Exchange Commission (SEC), that could cause the actual results to differ materially from those anticipated by these forward-looking statements. In particular, actual future product demand, timing of hiring a new CEO and future corporate performance may not conform to current expectations. Also see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Factors Affecting Future Results" in the most recent Annual Report, Form 10-K or 10-Q filed by Silicon Image with the SEC. Silicon Image assumes no obligation to update this forward-looking information.
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Silicon Image, MSL, and www.siliconimage.com are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and other countries.
SUNNYVALE, Calif. June 24, 2004 — Silicon Image, Inc. (Nasdaq: SIMG), a leader in multi-gigabit semiconductor solutions for the secure transmission and storage of rich digital media, today announced that Chairman, Founder and CEO, Dr. David Lee, is leading a search committee effort to identify and appoint a successor as CEO. Dr. Lee will maintain an active role in the company as full-time chairman of the board, focusing on the development and delivery of the company's long-term vision and strategy.
"My decision to relinquish the CEO role is driven by two primary factors. First I and the rest of the board of directors believe that Silicon Image's leadership in standards-based, high-bandwidth ICs and IP for the consumer electronics, storage and PC display market, place it in an excellent position to benefit from explosive demand for secure digital content distribution solutions. We are confident that the magnitude and nature of this opportunity will enable us to recruit a world-class executive who will partner with me to build Silicon Image to greater heights," said Dr. Lee. "And second, the board and I are committed to exemplifying excellence in corporate governance, and therefore believe it is important to separate the roles of the CEO and chairman."
To underscore this commitment to excellence in corporate governance, Andy Rappaport-partner of August Capital and Silicon Image board member since 1997-has been named as the company's lead independent director. "The Board of Directors wholeheartedly supports David's commitment to achieve world-class excellence in governance as we face the challenges of a growing public company," said Mr. Rappaport. "We are committed to working with him to accomplish the goals he has laid out."
"After nearly a decade as CEO," continued Lee, "I look forward to being able to focus my energy on strategic opportunities as we prepare for the continued challenges associated with growing into a larger and more complex global organization. Just as we have excelled at developing and driving innovative industry standards, products and business models, we must now focus on applying these core competencies to elevating strategy, management and corporate governance to new levels."
Silicon Image has engaged an executive search firm to commence the search for a new CEO. The Company will not be commenting on the status of the search until concluded. In the interim Dr. Lee will remain as CEO until a successor is named.
About Silicon Image
Headquartered in Sunnyvale, Calif., Silicon Image, Inc. designs, develops and markets multi-gigabit semiconductor and system solutions for a variety of communications applications demanding high-bandwidth capability. With its proprietary Multi-layer Serial Link (MSL™) architecture, Silicon Image is well positioned for leadership in multiple mass markets including PCs, consumer electronics and storage. Currently, Silicon Image leads the global PC/display arena with its innovative digital interconnect technology, and has emerged as a leading player in the consumer electronics and storage markets-offering robust, high-bandwidth semiconductors. For more information on Silicon Image, visit www.siliconimage.com
This news release contains forward-looking information within the meaning of federal securities regulations. These forward-looking statements include statements related to future product demand, timing of hiring a new CEO and future corporate performance. These forward-looking statements involve risks and uncertainties, including those described from time to time in Silicon Image's filings with the Securities and Exchange Commission (SEC), that could cause the actual results to differ materially from those anticipated by these forward-looking statements. In particular, actual future product demand, timing of hiring a new CEO and future corporate performance may not conform to current expectations. Also see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Factors Affecting Future Results" in the most recent Annual Report, Form 10-K or 10-Q filed by Silicon Image with the SEC. Silicon Image assumes no obligation to update this forward-looking information.
Silicon Image, MSL, and www.siliconimage.com are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and other countries.
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