Executive Suite: David D. French Named Cirrus Logic CEO; Michael L. Hackworth Remains Chairman of the Board - Company Operations

Edge: Work-Group Computing Report, Feb 15, 1999

Cirrus Logic Inc. Monday announced that David D. French, president and chief operating officer, has assumed additional duties with his appointment as chief executive officer of the company, effective immediately. Michael L. Hackworth, former CEO, remains chairman of the board. "Dave has made excellent progress in taking hold of Cirrus Logic's operations, and the time has come to give him complete authority to implement the plans and programs he has put in place for the coming fiscal year," said Hackworth.

"I will work closely with Dave to assure a smooth transition, and provide any support he needs." "I am more enthusiastic than ever about our growth opportunities," said French. "While I am pleased with the progress we've made in focusing on profitable businesses, we still have work to do in reducing our overall wafer fab capacity obligations. As president/CEO, I will streamline decision processes, place priority on the joint ventures, and work to re-energize our employees to profitably win greater market share in our core businesses." Monday's announcement marks the second phase of a succession process that Hackworth initiated with Cirrus Logic's board about a year ago with the opening of a search for his eventual replacement. "I am delighted with the energy, insight, and rapid execution Dave has brought into the company, and I am confident that, with full CEO authority, he will make even more rapid progress toward restoring Cirrus Logic to profitable growth," said Hackworth. "This move will allow me, after 15 exciting years at Cirrus Logic, to start thinking about new and different challenges I've had to postpone." Since French joined Cirrus Logic last July, he has driven the restructuring of the company's operations toward a new business model focused on profitable precision linear and mixed-signal positions in the mass storage, audio and high-precision data conversion markets. Under his leadership, Cirrus Logic has divested non-core businesses, outsourced back-end manufacturing functions, and set aggressive goals to reduce fixed wafer fabrication costs. As president/CEO, French adds finance, legal, human resources and technology development to his responsibilities. Prior to joining Cirrus Logic, French was vice president and general manager for Analog Devices Inc. (NYSE:ADI) where he was instrumental in driving the company's growth in key markets served by advanced DSP and mixed-signal processing solutions. Before joining Analog Devices in 1988, he held key management posts at Texas Instruments and Fairchild Semiconductor. French holds a BSEE from the University of Rochester. Cirrus Logic is a premier supplier of precision linear circuits and advanced mixed-signal chip solutions. The company's products, sold under its own name and the Crystal product brand, enable system-level applications in mass storage, audio and precision data conversion. Additional information about Cirrus Logic is available at www.cirrus.com.