Analog Devices CEO Jerry Fishman Dies

Analog Devices (NASDAQ: ADI) long time CEO Jerry Fishman has died.

The company announced:

Analog Devices Inc. (NASDAQ: ADI), with great sadness, announced today that Jerald G. Fishman passed away suddenly from an apparent heart attack yesterday evening. Mr. Fishman was 67 years old.

In accordance with the Company’s bylaws, ADI’s President Vincent Roche has been appointed Chief Executive Officer on an interim basis by ADI’s Board of Directors.

In the last reported quarter, revenue dropped 11% t0 $622 million. Net income fell slightly to $131 million. At the time Fishman said:

“Results for the first quarter were within the range we communicated and represented a generally weak macroeconomic environment exacerbated by year-end inventory reductions at many customers. Nevertheless, our operating performance remained strong, as we carefully managed our business to balance the long term opportunities for ADI with the realities of current market conditions. In January, order rates began to improve across most markets and geographies and have remained strong so far this quarter. As a result, we are planning for solid revenue growth in our second quarter, in the range of 4-8% sequentially with significant operating leverage.”