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October 18, 2007
SANTA CLARA, Calif. -- PMC-Sierra, Inc. (NASDAQ: PMCS), today announced that Bob Bailey will be retiring as the Company's president and chief executive officer once a replacement has been named. He will remain chief executive officer in the meantime. The Company's board of directors has established a search committee and will be considering both internal and external candidates for the position. Bailey will continue to serve as chairman of the board through his current term.
Mr. Bailey joined PMC-Sierra, one of the broadband communications semiconductor pioneers, in 1993. Bailey has been PMC-Sierra, Inc.'s president and chief executive officer since July 1997. He's been chairman of the board since May 2005 to current, and also served as chairman from February 2000 until February 2003. Bailey has been a director of PMC-Sierra since October 1996. He led the Company through an intense period of change within the semiconductor industry and successfully diversified PMC-Sierra's product line and customer base globally.
"On behalf of PMC-Sierra's board of directors, I'd like to thank Bob for his outstanding leadership over the past 14 years. Bob's vision and determination contributed immensely to PMC's enviable market position, financial strength, and growth prospects," said Frank Marshall, lead independent director of PMC-Sierra's board of directors, and a member of the newly formed chief executive officer search committee. "We are pleased Bob is committed to remaining through the search period to ensure a smooth and orderly transition."
PMC-Sierra Inc. (Nasdaq: PMCS)
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