Infineon shortlists two CEO candidates

Reports sales, income gains, too

By Tony Smith • Get more from this author

Posted in Financial News, 22nd April 2004 09:45 GMT

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Infineon has narrowed its CEO shortlist to just two names, the memory maker's interim chief revealed after announcing the company's Q2 results.

Acting CEO Max Dietrich Kley said the board's decision as to which of the two will succeed Ulrich Schumacher who abruptly quit the company last month, could come as early as July or as late as September.

Both candidates come from outside Infineon, have chip industry experience and are German, Kley said. However, he refused to be drawn on who the company is talking to. He also threatened to remove from the running any candidate whose identity leaks out ahead of the official announcement.

Bloomberg has already claimed that one candidate is Intel's European chief, Juergen Thiel.

Kley's main task yesterday was to detail the Infineon's Q2 financial performance. Revenues for the quarter reached €1.67bn ($1.98bn), up three per cent on the previous quarter and 13 per cent on Q2 2003.

Net income totalled €39m ($46m), up 14.7 per cent on Q1's €34m ($40m) and rather better than the €328m ($388m) the company lost in Q2 2003.

Infineon attributed the sequential growth on rising memory sales volumes, which counteracted falling prices and the effect of the weak dollar, and improved revenues from its automotive and industrial business group. ®