CAMARILLO, Calif.--(BUSINESS WIRE)--Vitesse Semiconductor Corporation (Pink Sheets:VTSS) today announced
that Rich Yonker has been named its chief financial officer. As part of
the executive management team and an officer of the Company, Mr. Yonker’s
responsibilities include strategic leadership and analysis of both
long-range and immediate financial and operational goals, directing
financial systems and control processes and being the custodian of all
financial and regulatory filings. Mr. Yonker reports to Christopher
Gardner, chief executive officer.
“We are committed to strengthening the
financial and operational aspects of Vitesse and have taken positive
steps over the last several quarters,” said
Mr. Gardner. “Rich’s
extensive background as a CFO and high tech industry knowledge will
contribute to our success as we continue to move our business forward.
He is a welcomed addition to our executive team.”
“Vitesse is well known for its long history of
technology innovation, high-performance product offering and strong
customer relationships,” said Mr. Yonker. “I’m
excited to have this opportunity to serve as CFO and to contribute to
the future success of Vitesse.”
Rich Yonker has over 35 years of business and financial experience in
both public and private companies. Before joining Vitesse, he was chief
financial officer for Capella Photonics. Mr. Yonker has also served as
chief financial officer for Avanex Corporation, Actelis Networks, a
telecommunications company, Bermia, a WiFi semiconductor company,
Agility Communications, and MMC Networks, among others. Additionally, he
has held senior management positions at The ASK Group, Digital Equipment
Corporation, Intel, and General Motors. Mr. Yonker holds a bachelor’s
degree in industrial engineering from the General Motors Institute and a
master’s degree in finance management from
the Massachusetts Institute of Technology.
Mr. Yonker will collaborate with Shawn C.A. Hassel, managing director
with Alvarez & Marsal, LLC, who was appointed the acting CFO of Vitesse
on April 26, 2006 and on December 14, 2006 was named chief restructuring
officer for Vitesse. Together with Mr. Gardner and Mr. Yonker, he
will continue his work to improve and strengthen the operations and
finances of Vitesse and augment the accounting and financial staff of
the Company.
About Vitesse
Vitesse designs, develops and markets a diverse portfolio of
high-performance, cost-competitive semiconductor solutions for
communications and storage networks worldwide. Engineering excellence
and dedicated customer service distinguish Vitesse as an industry leader
in Gigabit Ethernet LAN, Ethernet-over-SONET, Fibre Channel, Serial
Attached SCSI, Optical Transport, and other applications. Vitesse
innovation empowers customers to deliver superior products for
Enterprise, Access, Metro, and Core applications. Additional company and
product information is available at www.vitesse.com.
Vitesse is a registered trademark in the United States and/or other
jurisdictions of Vitesse Semiconductor Corporation. All other trademarks
or registered trademarks mentioned herein are the property of their
respective holders.
Safe Harbor
Statements made in this release that are not historical facts are “forward-looking”
statements (as defined in the Private Securities Litigation Reform Act
of 1995) that involve risks and uncertainties and are subject to change
at any time. These forward-looking statements may include, but are not
limited to, statements containing words such as “anticipate,”“believe,”“plan,”“estimate,”“expect,”“hope,”“intend,”
and similar expressions. Factors that could cause actual results to
differ are identified in the public filings made by Vitesse with the
Securities and Exchange Commission and include the fact that we have
disclosed that you should not rely upon our published financial
statements and the fact that we have not filed all of our reports
required by the Securities Exchange Act of 1934. More information on
factors that could affect our business and financial results are
included in our public filings made with the Securities and Exchange
Commission, which are available on the web site of the Securities and
Exchange Commission, www.sec.gov.
The forward-looking statements involve known and unknown risks,
uncertainties and other factors that are, in some cases, beyond our
control. We caution investors that any forward-looking statements made
by us are not guarantees of future performance. We disclaim any
obligation to update any such factors or to announce publicly the
results of any revisions to any of the forward-looking statements to
reflect future events or developments.
