The troubled chip designer ARC International yesterday named Michael Gulett as its new chief executive, filling a position that has been vacant for more than three months.
Mr Gulett has been brought in to take over the reins from Bob Terwilliger who parted company with ARC back in September. John Stockton, who was previously ARC's non-executive chairman, has been carrying out the role of chief executive on an interim basis in the meantime.
ARC, which was floated on the London Stock Exchange just over a year ago, has issued two profit warnings since becoming a public entity and has seen its share price collapse from its 210p float price.
"Although market conditions have been difficult, I am pleased to be joining ARC now," said Mr Gulett yesterday. "ARC has excellent technology and represents a unique opportunity."
Mr Gulett joins ARC from Xlight, a private Israeli technology company, where he had been president and chief executive for just four months.
Prior to that, he was president and chief operating officer of the US chip firm Virata although he parted company with that business almost a year ago "to pursue other career opportunities". Two months ago, Virata announced it was merging with rival firm GlobeSpan.
ARC shares closed down 0.75p at 45.5p – well beneath the 429.5p high it traded at shortly after the company was floated in September of last year.
Mr Gulett joins ARC after the departures of a string of senior executives. In addition to Mr Terwilliger's departure, ARC also lost Jim Turley, who was in charge of technology strategy, and Ian Yates, who was in charge of engineering.
Rick Clucas, one of ARC's co-founders and its chief technology officer, left due to health reasons while Bill Caparelli was recently drafted in at ARC to head up the company's sales effort to replace Ken Lamb.
ARC said yesterday that Mr Stockton, its interim chief executive, planned to leave the company and resign from the board at the end of January.