Analog Devices Announces Changes to Membership of Board of Directors
January 18 2017 - 4:01PM
Business Wire
Analog Devices, Inc. (NASDAQ: ADI), a global leader in
high-performance semiconductors for signal processing applications,
today announced that Mark M. Little, former Senior Vice President,
GE Global Research and Chief Technology Officer of General Electric
Company, has been elected as a Director of the Company, and that
the Board of Directors of the Company intends to elect Robert H.
Swanson, Executive Chairman of Linear Technology Corporation, as a
Director following the closing of the Company’s acquisition of
Linear Technology Corporation. Richard Beyer and John Hodgson will
retire from the Company’s Board of Directors, effective as of the
Company’s 2017 Annual Meeting of Shareholders.
“We are very grateful to Rich and John for their years of
dedicated service to ADI, and for their wise counsel as members of
our Board,” said Ray Stata, ADI Chairman of the Board. “We are
pleased to welcome Mark Little as a new Director, and we are also
looking forward to Bob Swanson joining the Board following our
acquisition of Linear Technology Corporation.”
Dr. Little is the former Senior Vice President, GE Global
Research and Chief Technology Officer of General Electric Company,
a global digital industrial company. Dr. Little joined GE in 1978,
and during his 37-year tenure, held management positions in
engineering and business, culminating with his most recent
position, which he held from 2005 to 2015. In addition to his
technology leadership, Dr. Little led several multi-billion dollar
business units at GE including GE Energy's power-generation
segment. Dr. Little holds bachelor’s and master’s degrees in
mechanical engineering from Tufts and Northeastern universities,
respectively, and a Ph.D. in mechanical engineering from Rensselaer
Polytechnic Institute.
Mr. Swanson, a founder of Linear Technology, has served as
Executive Chairman of the Linear Technology board of directors
since January 2005. Prior to that time, he served as Chairman and
Chief Executive Officer of Linear Technology since its
incorporation in 1981. Mr. Swanson has a B.S. degree in
Industrial Engineering from Northeastern University.
On July 26, 2016, ADI and Linear Technology entered into an
agreement and plan of merger that provides for the acquisition of
Linear Technology by the Company. The Company and Linear Technology
currently expect the acquisition to be completed by the end of the
Company’s second fiscal quarter of 2017, subject to receipt of the
remaining required regulatory approvals and subject to the
satisfaction or waiver of the other conditions contained in the
merger agreement. The Board of Directors of the Company intends to
elect Mr. Swanson to the Board at the later of the completion of
the acquisition or the Board of Directors meeting following the
Company’s 2017 Annual Meeting of Shareholders, currently
anticipated to be held on March 8, 2017.
About Analog Devices
Analog Devices (NASDAQ: ADI) designs and manufactures
semiconductor products and solutions. We enable our customers to
interpret the world around us by intelligently bridging the
physical and digital with unmatched technologies that sense,
measure and connect. Visit http://www.analog.com.
Forward-Looking Statements
This press release contents contains forward-looking statements,
which address a variety of subjects including the expected
timetable for closing of the transaction between Analog Devices,
Inc. ("Analog Devices") and Linear Technology Corporation ("Linear
Technology") and the anticipated composition of the Board of
Directors of Analog Devices. Statements that are not historical
facts, including statements about our beliefs, plans and
expectations, are forward-looking statements. Such statements are
based on our current expectations and are subject to a number of
factors and uncertainties, which could cause actual results to
differ materially from those described in the forward-looking
statements. The following important factors and uncertainties,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: the ability to
satisfy the conditions to closing of the proposed transaction, on
the expected timing or at all; the ability to obtain required
regulatory approvals for the proposed transaction, on the expected
timing or at all, including the potential for regulatory
authorities to require divestitures in connection with the proposed
transaction; the occurrence of any event that could give rise to
the termination of the merger agreement; the risk of stockholder
litigation relating to the proposed transaction, including
resulting expense or delay; higher than expected or unexpected
costs associated with or relating to the transaction; the risk that
expected benefits, synergies and growth prospects of the
transaction may not be achieved in a timely manner, or at all; the
risk that Linear Technology's business may not be successfully
integrated with Analog Devices' following the closing; the risk
that Analog Devices and Linear Technology will be unable to retain
and hire key personnel; and the risk that disruption from the
transaction may adversely affect Linear Technology's or Analog
Devices' business and relationships with their customers, suppliers
or employees. For additional information about factors that could
cause actual results to differ materially from those described in
the forward-looking statements, please refer to Analog Devices'
filings with the Securities and Exchange Commission ("SEC"),
including the risk factors contained in Analog Devices' most recent
Annual Report on Form 10-K. Forward-looking statements represent
management's current expectations and are inherently uncertain.
Except as required by law, we do not undertake any obligation to
update forward-looking statements made by us to reflect subsequent
events or circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20170118006136/en/
Analog Devices, Inc.Ali Husain, 781-461-3282Treasurer &
Director of Investor Relationsinvestor.relations@analog.com
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