May 12, 2011 – BUSINESS WIRE — Tessera Technologies, Inc. (NASDAQ: TSRA) Board of Directors appointed Robert A. Young, Ph.D., as president and chief executive officer (CEO). Young is currently a member Tessera’s Board of Directors. Young will take over for Henry R. Nothhaft, who resigned to pursue his advocacy of smart innovation policies in Washington, as presented in his recently released book Great Again – Revitalizing America’s Entrepreneurial Leadership (Harvard Business Press).
Nothhaft will continue to serve as chairman of the board of directors until May 20, 2011, shortly before the company’s upcoming 2011 annual meeting of stockholders, and will remain in a non-executive advisory role to assist Tessera with various endeavors thereafter. Robert J. Boehlke will succeed Nothhaft as chairman. Boehlke is currently a member of Tessera’s Board of Directors.
Tessera recently announced plans to refocus the company beyond the semiconductor packaging arena, including a possible separation of its Imaging & Optics business. "Under Hank’s leadership, the company made numerous operational improvements and experienced growth, both organic and acquired," noted Young.
"This is a very exciting time in the company’s history, given the opportunities we see to maximize long-term shareholder value," continued Young. "The investments made in the last several years have positioned us well to take advantage of two rapidly growing and changing markets: consumer optics and intellectual property. The board has initiated efforts to re-structure the businesses to take full advantage of these emerging opportunities."
"Tessera is a great company, with an exciting future ahead, and I am reluctant to leave," said Henry R. Nothhaft. "But the impact on our economy of national innovation policies, including the patent reform legislation currently pending in Congress, presents a significant challenge at this critical juncture. This is where I’d like to focus my time and efforts now."
Young has served as a member of Tessera’s board of directors since its inception in 1991. He has had a broad career including 17 years at IBM Corporation, where he held various executive positions. Subsequently, Young served as the managing partner of Dillon, Read & Co., Inc.’s venture capital operation before serving as Dillon, Read & Co.’s head of Technology Banking. He has a Ph.D. in physical chemistry from the Massachusetts Institute of Technology and a B.S. with honors in chemistry from the University of Delaware.
Management held a conference call available for replay for 90 days at www.tessera.com. In addition, a replay of the call will be available via telephone for two business days. To listen to the telephone replay in the U.S., please dial 800-642-1687 and for international callers, dial 706-645-9291. Enter access code 66825888.
Tessera Technologies, Inc., headquartered in San Jose, California, develops, invests in, licenses and delivers innovative miniaturization technologies and products for next-generation electronic devices. For information, go to www.tessera.com.
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