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COO and Board Member Lanny Ross Assumes CEO Responsibilities
While Company Conducts a Search for Permanent Chief Executive
Conference Call to be Webcast at 4:45 p.m. Eastern Time Today
IRVINE, Calif., Jan. 23 /PRNewswire-FirstCall/ -- Broadcom Corporation announced today that Dr. Henry T. Nicholas III has resigned his positions as President and Chief Executive Officer of the company. Dr. Nicholas will serve out his current term as Co-Chairman of the Board of Directors and will provide the company with his continued technical and industry expertise as needed. He will not seek re-election to the Board of Directors at the company's Annual Meeting of Shareholders in May 2003.
"After more than a decade of helping to build Broadcom from a start-up enterprise to a billion dollar leader in broadband communications markets, I am taking much needed time off to attend to serious family matters," Dr. Nicholas said. "I believe this is an ideal time to transfer executive management responsibilities to a new chief executive with broad industry management experience and the ability to take Broadcom to new levels of success. We have weathered the worst economic downturn in the history of our industry, and have emerged in a strong position to seize a number of great opportunities. We have a solid foundation of products and customers, and a team of focused managers and engineers dedicated to developing state of the art technologies and products and competing aggressively in our global markets. I feel confident that I am leaving at a time when Broadcom is strong, healthy and poised for growth."
Alan E. "Lanny" Ross, a Broadcom board member since 1995 who has been serving as Chief Operating Officer since last November, is assuming the responsibilities of President and Chief Executive Officer while the company conducts a search for a permanent chief executive officer.
Dr. Henry Samueli will continue in his roles as Co-Chairman of the Board, Chief Technical Officer and Vice President of Research & Development.
"Over the past decade, Dr. Nicholas and Dr. Samueli have assembled some of the best engineers and managers in the semiconductor industry, a group of professionals that I feel privileged to be leading," Mr. Ross said. "With this team's technology expertise, management acumen and industry experience, together with our current and future portfolio of products, I am confident that we will be able to accelerate Broadcom's growth and improvement in operating results."
Dr. Nicholas has been Broadcom's senior operating executive since he and Dr. Samueli founded the company in 1991. The company had its initial public offering in 1998, and has grown to become the leading provider of integrated circuits enabling broadband communications. During Dr. Nicholas' tenure, Broadcom acquired a number of enterprises. The acquisitions, combined with ongoing internal development and growth, have positioned Broadcom with one of the most diverse broadband communications portfolios in the semiconductor industry.
Broadcom will conduct a conference call with analysts and investors to discuss its fourth quarter and year 2002 financial results, current financial prospects and leadership change today at 4:45 p.m. Eastern Time (1:45 p.m. Pacific Time). The company will broadcast the conference over the Internet. To listen to the call, please visit the Investor Information section of the Broadcom Website at www.broadcom.com/investor. The Webcast will be recorded and available for replay until 5:00 p.m. Pacific Time, January 30, 2003.
About Broadcom
Broadcom Corporation is the leading provider of highly integrated silicon solutions that enable broadband communications and networking of voice, video and data services. Using proprietary technologies and advanced design methodologies, Broadcom designs, develops and supplies complete system-on-a-chip solutions and related hardware and software applications for every major broadband communications market. Our diverse product portfolio includes solutions for digital and satellite cable set-top boxes; cable and DSL modems and residential gateways; high-speed transmission and switching for local, metropolitan and wide area networking; home and wireless networking; cellular and terrestrial wireless communications; Voice over Internet Protocol (VoIP) gateway and telephony systems; broadband network processors; and SystemI/O™ server solutions. These technologies and products support our core mission: Connecting everything®.
Broadcom is headquartered in Irvine, Calif., and may be contacted at 1- 949-450-8700 or at www.broadcom.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward- looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "potential," "continue," similar expressions, and variations or negatives of these words. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements speak only as of the date hereof, and are based upon the information available to us at this time. Such information is subject to change, and we will not necessarily inform you of such changes. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Broadcom's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.
Broadcom®, the pulse logo, Connecting everything®, and SystemI/O™ are trademarks of Broadcom Corporation and/or its affiliates in the United States and certain other countries. All other trademarks are the property of their respective owners.
Broadcom Business Press Contact
Bill Blanning
Sr. Director, Corporate Communications
949-585-5555
blanning@broadcom.com
Broadcom Investor Relations Contact
Nick Kormeluk Director, Investor Relations
949-585-5663
nickk@broadcom.com SOURCE Broadcom Corporation
-0- 01/23/2003
/CONTACT: Press, Bill Blanning, Sr. Director, Corporate Communications, +1-949-585-5555, blanning@broadcom.com, or Investor Relations, Nick Kormeluk Director, Investor Relations, +1-949-585-5663, nickk@broadcom.com, both of Broadcom Corporation/
