| Agere Systems has appointed Richard L. Clemmer as president and chief executive officer, effective immediately. Clemmer, who has served on Agere's board of directors since October 2002, will remain a director of the company. He succeeds John Dickson, 59, who has decided to retire. Clemmer, 53, has more than 30 years of experience in the technology industry, where he has held a variety of executive, financial and management positions. Since June 2004, he has been a partner at Shelter Capital Partners, he became chairman of uNav Microelectronics, he held executive management positions at Quantum, and spent more than 20 years at Texas Instruments. Agere reported also its financial results for the fiscal year 2005. For the full year, the company reported revenues of $1.68 billion, compared to $1.91 billion for fiscal year 2004. The company posted a GAAP net loss of $8 million, compared to a net loss of $90 million for fiscal year 2004.
|
