Vitesse Semiconductor Corporation, a provider of advanced integrated circuit (IC) solutions for carrier and enterprise networks, has announced that Richard Yonker, chief financial officer (CFO), plans to retire. Yonker will remain as CFO until his successor is appointed and an orderly transition is completed. Vitesse has initiated a search to fill this position.
Yonker joined Vitesse in 2006 as senior vice president (SVP) and CFO. During his tenure, he successfully implemented a complete financial restructuring. This included a multi-year reconstruction and restatement of the company’s financial statements and the development of new financial controls and procedures. Yonker also led Vitesse’s debt restructuring activities and cost reduction efforts. As a result, the company has significantly strengthened its balance sheet and lowered its fixed cost structure. He was also instrumental in defining Vitesse’s long-term operating model and path to profitability. All of these efforts ultimately led to the company’s recent listing on Nasdaq.
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