RF Micro Devices, Inc. (Nasdaq: RFMD), a global leader in the design and manufacture of high-performance semiconductor components, conducted its 2008 Annual Meeting of Shareholders today, at which shareholders elected eight directors to serve one-year terms and ratified the appointment of Ernst & Young LLP as RFMD's independent registered public accounting firm for the fiscal year ending March 28, 2009.
During the Annual Meeting, Bob Bruggeworth, president and CEO of RFMD, highlighted the initial benefits of the strategic restructuring announced by RFMD on May 6, 2008, including market share gains, expense reductions and revenue diversification. Mr. Bruggeworth also reiterated the Company's stated goal of achieving 10% non-GAAP operating income by the December 2008 quarter.
"RFMD is a stronger Company with a growth strategy that is squarely focused on our core areas of leadership -- compound semiconductors and RF components. In the coming quarters, we expect to demonstrate superior financial leverage that will drive significantly improved profitability," Mr. Bruggeworth said.
At a Board meeting following the Annual Meeting of Shareholders, Walter H. Wilkinson, Jr., age 62, was appointed by the Board of Directors to the position of Chairman. Mr. Wilkinson has a distinguished business career and is the founder and a general partner of Kitty Hawk Capital, a venture capital firm established in 1980 and based in Charlotte, North Carolina. He has been a member of the RFMD Board since 1992. Mr. Wilkinson replaced Dr. Albert E. Paladino, who served as Chairman since August 2002. Dr. Paladino, age 75, has served as an RFMD director since 1992 and was reelected as a member of the Company's Board of Directors at the 2008 annual meeting.
Mr. Bruggeworth commented, "The Board is extremely grateful to Al for his leadership, integrity, and vision. We look forward to continuing to work with him as a director and valued advisor on our Board."
Dr. Paladino added, "Walter is a recognized leader with years of involvement with RF Micro Devices as an outside director. His guidance in his new role as Chairman will prove invaluable to RFMD as the Company pursues the many exciting opportunities ahead as a result of its recent strategic restructuring."