PRESS RELEASE: SanDisk Announces Planned Retirement Of Chairman and CEO Dr. Eli Harari
Sanjay Mehrotra Named As CEO Successor Michael Marks To Assume Chairman Role
Milpitas, CA, July 22, 2010 - SanDisk Corporation, the global leader in flash memory cards, today announced that after 22 years of dedicated service to SanDisk, Dr. Eli Harari, Founder, Chairman and Chief Executive Officer, will retire from his current positions on December 31, 2010. Dr. Harari will provide advisory services, particularly technology related, to the Company for a period of two years starting January 1, 2011.
As part of the succession planning process, the Board of Directors of SanDisk is pleased to announce that it has appointed Sanjay Mehrotra, currently SanDisk's President and Chief Operating Officer, to be the President and Chief Executive Officer of the company, effective January 1, 2011 and has appointed him to the company's Board of Directors effective July 21, 2010.
The Board is also pleased to announce that Michael Marks, a member of the SanDisk Board since 2003, will assume the role of Chairman effective January 1, 2011. Mr. Marks is President of Riverwood Capital, LLC, a private equity firm, and formerly was Chief Executive Officer of Flextronics for twelve years.
"Over the past 22 years, SanDisk has grown to become a leading provider of flash memory-based storage solutions with total annual revenues approaching $5 billion," said Dr. Eli Harari. "I have been fortunate to lead this great company and its people all these years. The company's management is broad and deep, and I am very pleased to hand over my responsibilities to Sanjay Mehrotra, my co-founder and business partner, at the end of this year. Our business and technology leadership have never been stronger and I'm confident the company will scale new heights under Sanjay's leadership."
Irwin Federman, lead independent director, SanDisk, said, "Eli is a true visionary, and he has been instrumental in the creation of the flash memory industry through both his technology leadership and through his seeding and development of multiple large end markets. Eli has demonstrated remarkable versatility in his ability to grow from entrepreneur to a highly regarded CEO of a multi-billion dollar global corporation. As an immigrant to America, he is a true American success story. On behalf of the employees of SanDisk and the Board of Directors, it is my privilege to have served along with Eli and I thank him for all his hard work in creating a well respected and dynamic technology company."
Mr. Federman continued, "After careful consideration, the Board of Directors is pleased to appoint Sanjay Mehrotra as SanDisk's President and Chief Executive Officer, effective January 1, 2011. Sanjay is a strong and dynamic leader. He has worked very closely with Eli since SanDisk's inception, and there is no person better qualified to take the baton and lead SanDisk through the next phase of its evolution."
"It has been an honor to work with Eli over the years, and the company's success is a testimony to Eli's vision and leadership," said Sanjay Mehrotra, President and Chief Operating Officer. "I would like to thank Eli and the Board of Directors for their confidence in entrusting the leadership of SanDisk to me. I look forward to further building on our impressive tradition of delivering innovative flash memory solutions to the industry. As always, I'm committed to creating value for our customers, our employees and our shareholders."
SanDisk President and COO, Sanjay Mehrotra, 52, and Chairman and CEO, Eli Harari, 65, (left to right). Today, SanDisk announced the planned retirement of Harari, who stays on with the company as chairman and CEO through the rest of 2010, and Mehrotra as President and CEO successor, effective January 1, 2011. Harari also remains an advisor with the company for two years as of January 1, 2011.
Photo and caption provided by SanDisk Corp.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements, including statements about the retirement of Mr. Harari, the promotion of Mr. Mehrotra, the appointment of Mr. Marks and the expected performance of SanDisk, particularly in the quotes included above that are based on SanDisk's current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate, including, among others: that either Mr. Mehrotra or Mr. Marks is no longer with the Company or otherwise does not assume their new positions with SanDisk on the effective time of such appointment, that this leadership transition is not successful, or that SanDisk does not perform as expected and the other risks detailed from time-to-time in SanDisk's Securities and Exchange Commission filings and reports, including, but not limited to, under the caption "Risk Factors" and elsewhere in SanDisk's most recent annual report on Form 10-K and SanDisk's subsequent quarterly reports on Form 10-Q. The parties do not intend to update the information contained in this release.
SanDisk Corporation is the global leader in flash memory cards, from research, manufacturing and product design to consumer branding and retail distribution. SanDisk's product portfolio includes flash memory cards for mobile phones, digital cameras and camcorders; digital audio/video players; USB flash drives for consumers and the enterprise; embedded memory for mobile devices; and solid state drives for computers. SanDisk is a Silicon Valley-based S&P 500 company, with more than half its sales outside the United States.
SanDisk and the SanDisk logo are trademarks of SanDisk Corporation, registered in the United States and other countries. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
(First posted on Monday, July 26, 2010 at 15:55 EDT)