SanDisk Corporation (Nasdaq:SNDK) chairman and CEO Eli Harari will reitre at the end of the year, 22 years after founding the company. The announcement, made on the same day as the publication of the semiconductor company's financial report for the second quarter, took investors by surprise.
SanDisk's share price fell 3.9% on Friday, following the announcement, to $41.43, giving a market cap of $9.53 billion. The share price continued to fall in after-hours trading.
SanDisk president and COO Sanjay Mehrotra will replace Hariri as CEO on January 1, 2011, and director Michael Marks will replace him as chairman.
Harari left Israel over 40 years ago, although he has made frequent trips back home. SanDisk, which acquired Kfar Saba-based msystems, owns plants and offices in Israel.
SanDisk posted $1.18 billion revenue for the second quarter, up 61% over the $730.6 million for the corresponding quarter of 2009. GAAP-based net profit nearly quintupled to $258 million ($1.08 per share) from $53 million for the corresponding quarter, and non-GAAP net profit was $258 million ($1.08 per share).
Published by Globes [online], Israel business news - www.globes-online.com - on July 25, 2010
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