In an unexpected move, MACOM announced this morning that Stephen Daly has replaced John Croteau as president and CEO. Croteau resigned yesterday (May 15). Daly is a member of MACOM’s board and previously served as president, CEO and chairman of Hittite.
MACOM did not disclose what prompted the change, saying only that Croteau resigned May 15 and will serve in an advisory role for the next two months, to assist with the leadership transition.
Croteau became president and CEO in December 2012 and was known for his bold business moves and unflagging optimism about MACOM’s strategy. Under his leadership, MACOM pivoted to the optical market and championed GaN on Si as a competing technology to LDMOS and GaN on SiC. Croteau argued GaN on Si will meet 5G’s sub-6 GHz performance requirements and be cost competitive with LDMOS. To support the GaN on Si business plan, he established strategic relationships with ST Microelectronics, as a manufacturing partner, and Goertek, a Chinese component supplier, to exclusively market MACOM’s GaN on Si products in China.
In the press release announcing the change, John O’Campo, the chair of MACOM’s board and a major shareholder, said, “We thank John for his leadership for the past six-and-a-half years and his commitment to MACOM’s customers, employees and investors.”
Daly has been in the semiconductor industry for more than 25 years, serving on MACOM’s board since March 2015. For almost 10 years, he was Hittite’s president, CEO and board chair, leading the company during a period of strong growth, including Hittite’s IPO in 2005. Near the end of his tenure at Hittite, the company was facing the challenge of maintaining its enviable margins while accelerating growth.
Daly left Hittite on April 1, 2013, replaced by Rick Hess — a former MACOM CEO who was, coincidentally, serving on Hittite’s board. Hess led Hittite until it was acquired by Analog Devices in July 2014.
“I am excited to accept the role of leading MACOM. I look forward to meeting our worldwide employees, partners, customers, suppliers and shareholders in the days and weeks ahead.” — Stephen Daly