Tessera Announces Executive Transition
SAN JOSE, Calif., May 13, 2011 — Tessera Technologies Inc. announced that the company’s board of directors appointed Robert A. Young, PhD, as president and CEO. Young is currently a member of Tessera’s board of directors. Henry R. Nothhaft resigned as the company's president and CEO to pursue his advocacy of smart innovation policies in Washington, as presented in his recently released book Great Again — Revitalizing America’s Entrepreneurial Leadership (Harvard Business Press).
Nothhaft will continue to serve as chairman of the board until May 20, 2011, shortly before the company’s annual meeting of stockholders, and will remain in a nonexecutive advisory role to assist Tessera with various endeavors thereafter. Robert J. Boehlke, who is currently a member of Tessera’s board of directors, will succeed Nothhaft as chairman.
“On behalf of the board and the entire company, I would like to thank Hank for his service to Tessera as a member of our board of directors and CEO,” said Young. “Under Hank’s leadership, the company made numerous operational improvements and experienced growth, both organic and acquired. We wish Hank all the best in the years to come.”
“Tessera is a great company with an exciting future ahead, and I am reluctant to leave,” said Henry R. Nothhaft. “But the impact on our economy of national innovation policies, including the patent reform legislation currently pending in Congress, presents a significant challenge at this critical juncture. This is where I’d like to focus my time and efforts now.”
Young has served as a member of Tessera’s board since its inception in 1991. He has had a broad career, including 17 years at IBM Corp., where he held various executive positions. Subsequently, Young served as the managing partner of Dillon, Read & Co. Inc.’s venture capital operation before become Dillon, Read & Co.’s head of technology banking. He has a PhD in physical chemistry from MIT and a BS with honors in chemistry from the University of Delaware.
“This is a very exciting time in the company’s history, given the opportunities we see to maximize long-term shareholder value,” Young said. “The investments made in the last several years have positioned us well to take advantage of two rapidly growing and changing markets: consumer optics and intellectual property. The board has initiated efforts to restructure the businesses to take full advantage of these emerging opportunities.”
Tessera Technologies develops, invests in, licenses and delivers innovative miniaturization technologies and products for next-generation electronic devices. The company’s microelectronics solutions enable smaller, higher-functionality devices through chip-scale and wafer-level packaging, silicon-level interconnect and 3-D packaging, as well as silent air cooling technology.
For more information, visit: www.tessera.com
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