Cirrus Logic Announces CFO Transition

Rhea-AI Summary

Cirrus Logic (NASDAQ: CRUS) announced that CFO Venk Nathamuni will resign effective May 24, 2024, to pursue an opportunity outside the semiconductor industry. The Board has appointed Ulf Habermann, Principal Accounting Officer, as interim CFO. Habermann, with 22 years at Cirrus Logic, has held roles such as Controller, Treasurer, and VP of Finance. This transition aims to ensure continuity while the company searches for a permanent CFO. Cirrus Logic specializes in low-power, high-precision mixed-signal processing solutions for mobile and consumer applications and is based in Austin, Texas.

Positive

• Appointment of experienced interim CFO Ulf Habermann, who has 22 years of experience at Cirrus Logic.
• Seamless transition planned to ensure business continuity.
• Cirrus Logic's recognition for award-winning corporate culture.

Negative

• Resignation of CFO Venk Nathamuni could indicate instability or internal issues.
• Uncertainty during the search period for a permanent CFO.
• Potential impact on investor confidence due to leadership change.

AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (Nasdaq: CRUS) today announced the resignation of its Chief Financial Officer (CFO), Venk Nathamuni, effective May 24, 2024, to pursue an opportunity outside the semiconductor industry. To facilitate a seamless transition while a search is conducted for a new CFO, the Company’s Board of Directors has appointed Ulf Habermann, Principal Accounting Officer, as interim CFO effective upon Mr. Nathamuni’s departure. During Mr. Habermann’s 22-year career at Cirrus Logic, he has held various roles in the finance organization, including Controller, Treasurer, and Vice President of Finance. Mr. Habermann will continue to serve as Principal Accounting Officer.

Cirrus Logic, Inc.

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.

Cirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240516373534/en/

Media Contact:

Julia Betts

Director, Communications & Employee Experience

Cirrus Logic, Inc.

(512) 851-4174

julia.betts@cirrus.com

Source: Cirrus Logic, Inc.

FAQ

When is Cirrus Logic's CFO Venk Nathamuni resigning?

Cirrus Logic's CFO Venk Nathamuni is resigning effective May 24, 2024.

Who will be the interim CFO of Cirrus Logic after Venk Nathamuni's resignation?

Ulf Habermann, the Principal Accounting Officer, will serve as interim CFO after Venk Nathamuni's resignation.

How long has Ulf Habermann been with Cirrus Logic?

Ulf Habermann has been with Cirrus Logic for 22 years.

What positions has Ulf Habermann held at Cirrus Logic?

Ulf Habermann has held roles including Controller, Treasurer, and Vice President of Finance at Cirrus Logic.

What industry is Cirrus Logic a part of?

Cirrus Logic operates in the semiconductor industry, specializing in low-power, high-precision mixed-signal processing solutions.