WASHINGTON (dpa-AFX) - Synaptics Incorporated (SYNA) announced a leadership transition on Monday, with Michael Hurlston stepping down as President, Chief Executive Officer, and Board member, effective immediately, as he prepares to take on the CEO role at Lumentum Holdings Inc.
In the interim, Chief Financial Officer Ken Rizvi has been appointed Interim CEO, while Board Chairman Nelson Chan will assume the role of Executive Chairman until a permanent CEO is named.
The company also released preliminary financial results for the second quarter of fiscal 2025. Net revenue is expected to be approximately $265 million, with an adjusted income of $15 million. Operating expenses are projected at $136 million on a net basis, with an adjustment of $4 million. Additionally, adjusted operating expenses include $40 million with a further $2 million adjustment, bringing the total to $96 million with an additional $2 million adjustment. Earnings per share are anticipated to show a net loss of $0.45, while adjusted earnings per share are projected at $0.20.
Synaptics will provide further financial details when it releases its full second-quarter fiscal 2025 results on February 6.
SYNA closed Monday's trading at $85.05 up 0.18 percent or $0.15 on the Nasdaq.
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