From the Wires
PLX Technology Board Appoints David K. Raun as President, CEO
Raun Also Added to the Board of Directors
By: Marketwire .
Dec. 21, 2012 06:36 PM
SUNNYVALE, CA -- (Marketwire) -- 12/21/12 -- PLX Technology, Inc. (PLX®) (NASDAQ: PLXT), a leading global supplier of high-speed connectivity solutions enabling emerging data center architectures, today announced that the PLX board of directors has named David K. Raun as its president and chief executive officer. The appointment is effective immediately and includes a position on the company's board of directors. Mr. Raun had previously been identified by the board in its succession planning, was serving as interim president and CEO, and has held multiple senior executive leadership positions at PLX since 2004.
"We are excited to appoint David Raun as CEO and director of PLX," said James Guzy, chairman of the board at PLX. "Dave has demonstrated outstanding leadership for many years at PLX and especially during his time as interim CEO. Despite the uncertainty caused by the protracted IDT merger process which just terminated, employees are excited about the company direction, attrition remains low, product execution is on track and the company continues to successfully advance its PCI Express initiative with its customers. Under Dave's leadership, PLX divested unprofitable businesses, a step that reduced annual operating expenses by about $20M, greatly improved the cash balance, and laid the foundation for consistent profitability. Dave has deep knowledge of our customers, our employees, our sales and distribution channels, and our competitive environment. PLX is in the first stages of deploying its unique ExpressFabric strategy, and Dave has the leadership skills, market insight and company knowledge to successfully drive this initiative."
"I am honored the board has selected me to this role and I am committed to making PLX a profitable stand-alone company providing increased shareholder value," said David Raun, president and CEO, PLX. "I am very excited about PLX's prospects as an independent company and eager to lead this terrific group of people in retaining and growing our PCI Express leadership position. Our broad portfolio of Gen 3 switches drove record design activity this past year throughout the data center. We have a solid foundation for long term growth, profitability and positive cash flow."
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