Pixelworks, Inc. (NASDAQ: PXLW), an innovative provider of video display
processing technology, today announced changes to the board of directors
in conjunction with its planned restructuring. Todd DeBonis has been
appointed to the Company’s board as a director, effective immediately,
and Mark A. Christensen and Barry L. Cox have notified the board that
they will have resigned and will not stand for re-election effective
immediately prior to Pixelworks’ upcoming Annual Meeting of Shareholders
on May 11, 2016. As a result of these changes, immediately prior to the
start of the Annual Meeting of Shareholders, Pixelworks’ board of
directors will be reduced from seven members to six.
“On behalf of the Board and the entire organization, I would like to
thank both Mark and Barry for their service and contribution to
Pixelworks. I have personally enjoyed working with them as fellow board
members,” stated Richard Sanquini, chairman of Pixelworks’ board.
“Additionally, I would like to welcome Todd DeBonis to the board of
directors. Todd’s prior roles at global organizations, and particularly
his experience in the mobile market, will be highly beneficial to the
board and future direction of Pixelworks.”
Mr. Sanquini concluded, “We believe the reduction in the number of board
members, which will occur in May, more appropriately aligns to a company
of our size and is consistent with today’s restructuring announcement to
streamline the organization and reduce expenses across the Company.
Moreover, we believe the collective changes announced today represent
prudent actions that will lead to significant improvement in Pixelworks’
near- and long-term results.”
About Todd DeBonis
Todd DeBonis currently serves as Pixelworks’ Chief Operating Officer,
having previously served as the Company’s Executive Vice President,
Sales, Marketing & Business Development from January 2016 to February
2016. Prior to joining Pixelworks, Mr. DeBonis served as the Vice
President of Global Sales & Strategic Development at TriQuint
Semiconductor, a semiconductor company, from April 2004 to December
2015, where his responsibilities included global sales, business
development, strategic planning, customer support, contract negotiation
and corporate marketing. Prior to TriQuint, Mr. DeBonis served as Vice
President of Worldwide Sales & Marketing at Centillium Communications, a
designer, developer and supplier of integrated programmable SoC
solutions, Vice President of Worldwide Sales of Ishoni Networks, a
silicon and software solution provider, and also held executive
positions at Infineon Technologies, VisCom Corporation and Electec
SoCal. Mr. DeBonis also serves on the Board of Directors of Poet
Technologies Inc. (TSX VENTURE: PTK). Mr. DeBonis received a B.S. in
Electrical Engineering with a focus in digital design and control
systems from the University of Nevada.
About Pixelworks, Inc.
Pixelworks creates, develops and markets video display processing
technology for digital video applications that demand the very highest
quality images. At design centers around the world, Pixelworks engineers
constantly push video performance to keep manufacturers of consumer
electronics and professional displays worldwide on the leading edge. The
company is headquartered in San Jose, CA.
For more information, please visit the company’s Web site at www.pixelworks.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. These statements may
be identified by use of terms such as “begin,” “continue,” “will,”
“expect,” “believe,” and similar terms or the negative of such terms and
include, without limitation, statements regarding the appointment of Mr.
DeBonis to the Board and the impact thereof, and the Company’s belief
that the collective changes announced today will lead to significant
improvement in the Company’s near- and long-term results. All statements
other than statements of historical fact are forward-looking statements
for purposes of this release, including any projections of revenue or
other financial items or any statements regarding the plans and
objectives of management for future operations. Such statements are
based on management's current expectations, estimates and projections
about the Company's business. These statements are not guarantees of
future performance and involve numerous risks, uncertainties and
assumptions that are difficult to predict. Actual results could vary
materially from those contained in forward-looking statements due to
many factors, including, without limitation: our ability to execute on
our strategy; competitive factors, such as rival chip architectures,
introduction or traction by competing designs, or pricing pressures; the
success of our products in expanded markets; current global economic
challenges; changes in the digital display and projection markets;
seasonality in the consumer electronics market; our efforts to achieve
profitability from operations; our limited financial resources and our
ability to attract and retain key personnel. More information regarding
potential factors that could affect the Company's financial results and
could cause actual results to differ materially is included from time to
time in the Company's Securities and Exchange Commission filings,
including our Annual Report on Form 10-K for the year ended December 31,
2015 as well as subsequent SEC filings.
The forward-looking statements contained in this release speak as of the
date of this release, and Pixelworks does not undertake any obligation
to update any such statements, whether as a result of new information,
future events or otherwise.
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