MACOM Announces Appointment of New Director

Rhea-AI Summary

MACOM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) announces the appointment of John Ritchie as an independent Director, enhancing its Board with his 25 years of experience in networking technology. Current CFO of A Cloud Guru, Ritchie has held key financial roles at Aerohive Networks and Ubiquiti Networks. His proven track record is expected to contribute positively to MACOM’s strategic direction. The company specializes in semiconductor products for telecommunications, industrial, defense, and data centers, holding certifications in quality management.

Positive

• John Ritchie brings 25 years of experience in technology and finance to the MACOM Board.
• Ritchie's diverse background in hardware and software technology is expected to enhance MACOM's strategic initiatives.

Negative

• Potential challenges in integrating new leadership with existing board members.
• Risks associated with the current economic conditions affecting demand for semiconductor products.

MACOM Technology Solutions Holdings, Inc. (“MACOM”) (NASDAQ: MTSI), a leading supplier of semiconductor products, today announced the appointment of John Ritchie as an independent Director. Mr. Ritchie brings 25 years of experience and leadership in the networking equipment and technology industry to MACOM’s Board of Directors.

“I am pleased to welcome John to our Board of Directors,” said John Ocampo, MACOM’s Chairman of the Board. “John has a distinguished career and a proven business track record in hardware and software technology, at both the executive management and board level. John’s financial and business acumen are exemplary, and the entire MACOM Board and I look forward to his future contributions.”

Mr. Ritchie is currently the Chief Financial Officer of A Cloud Guru. He previously served as the Senior Vice President, Chief Financial Officer of Aerohive Networks, Inc., and as its Chief Operating Officer. Mr. Ritchie also previously served as the Chief Financial Officer of Telerik AD. Prior to that, Mr. Ritchie held several executive positions, including as Chief Financial Officer of Ubiquiti Networks, Inc. Mr. Ritchie also served as a member of the board of directors of Acacia Communications, Inc. until its acquisition by Cisco Systems, Inc. in March 2021. Mr. Ritchie holds a B.S. in business administration from San Jose State University.

About MACOM

MACOM designs and manufactures semiconductor products for Telecommunication, Industrial and Defense and Data Center applications. Headquartered in Lowell, Massachusetts, MACOM has design centers and sales offices throughout North America, Europe and Asia. MACOM is certified to the ISO9001 international quality standard and ISO14001 environmental management standard.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on MACOM management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements include, among others, statements about MACOM’s strategic plans and priorities, information concerning Mr. Ritchie’s expertise and future contributions to the board of directors.

These forward-looking statements reflect MACOM’s current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause those events or our actual activities or results to differ materially from those indicated by the forward-looking statements, including any failure to anticipate demand for our products; risks related to any weakening of economic conditions, including as a result of the COVID-19 pandemic; our dependence on a limited number of customers; our ability to develop new products and achieve market acceptance of those products; disruptions in our supply chain; and those other factors described in "Risk Factors" in MACOM’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the SEC. These forward-looking statements speak only as of the date of this press release, and MACOM undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210309006045/en/

FAQ

Who is John Ritchie in relation to MACOM?

John Ritchie has been appointed as an independent Director at MACOM, bringing extensive experience in the networking equipment and technology industry.

What prior positions has John Ritchie held?

John Ritchie has served as CFO of A Cloud Guru and held key roles at Aerohive Networks and Ubiquiti Networks.

How will John Ritchie's appointment impact MACOM?

His financial expertise and technology background are expected to positively influence MACOM's strategic direction.

What is MACOM's business focus?

MACOM designs and manufactures semiconductor products for telecommunications, industrial, defense, and data center applications.

What should investors know about MACOM's future risks?

Investors should note risks from economic conditions and demand fluctuations for MACOM's semiconductor products.