Synaptics Incorporated (SYNA) has announced a leadership change. Michael Hurlston is resigning from his roles as President, Chief Executive Officer, and Board member, effective immediately, as he prepares to assume the position of CEO at Lumentum Holdings Inc.
During this transition period, Chief Financial Officer Ken Rizvi will serve as the Interim CEO, while Board Chairman Nelson Chan will take on the role of Executive Chairman until a permanent CEO is selected.
The company also shared preliminary financial results for the second quarter of fiscal year 2025. Net revenue is anticipated to be approximately $265 million, with an adjusted net income of $15 million. Operating expenses are estimated to be $136 million on a net basis, with an adjustment of $4 million. Furthermore, adjusted operating expenses include $40 million plus another $2 million adjustment, totaling $96 million with an additional $2 million adjustment. The earnings per share are expected to reflect a net loss of $0.45, while the adjusted earnings per share are projected to be $0.20.
Synaptics plans to provide more detailed financial insights when it releases its complete second-quarter fiscal 2025 results on February 6.
On Monday, SYNA shares concluded trading at $85.05, marking an increase of 0.18 percent or $0.15 on the Nasdaq.
