This is the end of a nearly four-month quest for a CEO since former CEO and Cypress co-founder T.J. Rodgers, aged 68, stepped down last April after managing the company for the last 34 years.
Over the last few months, Hassane El-Khoury had been one of the four Executive Vice Presidents composing the company's Office of the CEO (including other three executive staff, Dana Nazarian (EVP, Memory Products Division), Joe Rauschmayer (EVP, Manufacturing) and Thad Trent (CFO).
“The goal of our comprehensive internal and external executive search was to identify a CEO who would drive the transformation of Cypress, expand our leadership position in embedded systems and enhance our focus on revenue and earnings growth and long-term shareholder value,” said Bingham who's former role as chairman of the board has been expanded to executive chairman to support the newly name CEO.
“Among the many interested and qualified candidates we interviewed, El-Khoury emerged as the clear executive leader to deliver on Cypress’s enormous potential and unlock its value for customers and investors. He has demonstrated strong leadership and judgment over the past nine years as a senior executive at Cypress, heading up some of the company’s most innovative and successful businesses. He is an agent of change who brings to this position an extensive knowledge of our target markets and a mindset focused on customer value and profitable growth”, Bingham continued.