Synaptics CEO Steps Down; Preliminary Fiscal Q2 Results Reported -- Shares Fall After Hours

MT Newswires Live

02/04

Synaptics (SYNA) said late Monday that Chief Executive and President Michael Hurlston has stepped down, effective immediately, to assume the CEO role at Lumentum (LITE).

Synaptics appointed Chief Financial Officer Ken Rizvi as interim CEO as it looks for a permanent CEO.

The company also expects fiscal Q2 revenue of $267 million and non-GAAP earnings per share above the mid-point of its previously outlined guidance. In November, Synaptics projected revenue at $265 million, plus or minus $15 million, while non-GAAP EPS was pegged at $0.85, plus or minus $0.20.

Analysts polled by FactSet expect adjusted EPS of $0.86 on revenue of $265.1 million.

The company's shares were down 7.2% in after-hours activity.

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