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Mindspeed Adds to Board

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6/12/2003
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NEWPORT BEACH, Calif. -- Mindspeed Technologies(TM) Inc., the Internet infrastructure business of Conexant Systems Inc., (Nasdaq:CNXT - News), today announced the election of Ming Louie, co-founder and managing director of Mobile Radius Inc. and managing director of Dynasty Capital Services; and Thomas A. Madden, executive vice president and chief financial officer of Ingram Micro Inc., to the Mindspeed board of directors.

"I am delighted to welcome Ming and Tom, two seasoned professionals with unique strengths and capabilities, to our board of directors," said Raouf Halim, chief executive officer of Mindspeed. "Ming's communications technology background and business experience in Asia will be particularly beneficial to building on our strong business foundation in the Asia-Pacific markets. Tom's solid business and financial skills will be invaluable as we move forward as a separate public company. I am convinced that their contributions will enable us to deliver increased value to our customers and shareowners."

Mindspeed's seven-member board of directors is now complete. In addition to Halim, Louie and Madden, the board includes Chairman Dwight W. Decker, chairman and CEO of Conexant Systems; Donald R. Beall, retired chairman and CEO of Rockwell International; Dr. Hossein Eslambolchi, chief technology officer of AT&T and president of AT&T Labs; and Jerre L. Stead, retired chairman and CEO of Ingram Micro. Eslambolchi will resign his seat on the Conexant board of directors to join the Mindspeed board.

Louie has more than 25 years experience in the telecommunications industry and proven expertise in both American and Asian business practices. Most recently, he served as president of Qualcomm Greater China. Before that he held various management positions at Globalstar LP, including five years as vice president of business development and six years as vice president of system engineering.

He holds a master's degree in electrical engineering from Princeton University, a master's degree in business administration from Drexel University, and a bachelor's degree in electrical engineering from Polytechnic University of New York.

Madden, who has more than 25 years of strategic financial management experience, joined Ingram Micro as CFO in 2001. Previously, he was the senior vice president and CFO of ArvinMeritor Inc. Madden was instrumental in the merger of Meritor Automotive and Arvin Industries and in Meritor's spin-off from Rockwell International.

He joined ArvinMeritor after 16 years with Rockwell International, where he held progressively more responsible financial management positions including vice president of corporate development, and vice president of finance -- automotive. He became a certified public accountant while working for Coopers & Lybrand and holds master's and bachelor's degrees in business administration from the University of Pittsburgh and Indiana University of Pennsylvania, respectively.

The spin-off of Mindspeed as an independent public company is expected to occur on June 27, 2003. The new company's shares will trade on the American Stock Exchange under the ticker symbol MND. Completion of the spin-off is subject to satisfaction or waiver of certain conditions.

Mindspeed Technologies Inc.

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