Tuesday, April 27, 2010

Ikanos' CEO Resigns, Company Updates Financial Guidance

Michael Gulett has resigned as CEO and president and as a member of Ikanos Communications.

Diosdado P. Banatao, the chairman of Ikanos' board of directors, has been appointed executive chairman and has assumed the role of interim president and CEO. Banatao has served as the company's Chairman of the board of directors since August 2009, and has served as a managing partner of Tallwood Venture Capital, a venture capital firm, since June 2000. Previously, Banatao served as executive chairman and interim CEO of SiRF Technologies Holdings and as a venture partner at Mayfield Fund.

In addition, Ikanos updated its revenue and earnings outlook for the first quarter of fiscal 2010. Ikanos now expects its revenues for the first quarter of 2010 to be in the range of $57.0 million to $58.0 million, and based upon preliminary results, expects non-GAAP gross margins to be the range of 42.5-43.5 percent and non-GAAP operating expenses to be in the range of $22.5 to $23.5 million.