Silicon Labs’ (NASDAQ: SLAB) board-approved succession plan to elect company President Matt Johnson as the new chief executive officer post Tyson Tuttle’s retirement on January 1, 2022.
“With our IoT vision, strategy and roadmap set and record-breaking financial results delivered, I decided now is the best time to announce our leadership transition plan,” said Silicon Labs CEO Tyson Tuttle. “Matt Johnson has successfully managed our IoT business since 2018, and I’m confident he will drive sustainable growth, innovate on our leading wireless technology, and demonstrate our values – the foremost of which is to ‘do the right thing.’ Personally, I will continue to apply the same principle beyond Silicon Labs with my family, friends, and community.”
Having joined Silicon Labs in 1997 as its 10th employee, Tyson has held a variety of roles in design engineering and product management. His role at the company also included CTO and COO, before being named the CEO of Silicon Labs in 2012. As the head of the organization, he spearheaded the company’s focus on IoT, leveraging its wireless expertise to become one of the industry’s most respected market leaders. Post stepping down as the CEO, Tyson will continue to serve the company as member of its Technical Advisory Board.
“Under Tyson’s leadership, Silicon Labs received recognition for its strong company culture and ability to successfully develop technologies which improve lives, transform industries, and grow economies,” stated Silicon Labs Board Chairman Nav Sooch. “The entire board thanks Tyson for nearly 25 years of immeasurable contributions. We look forward to his continual collaboration with Matt Johnson, who will lead the company and focus on accelerating our leadership in the rapidly growing, global IoT market.”
Matt Johnson joined Silicon Labs in 2018 as senior vice president and general manager of IoT products. He was promoted to president in April 2021. Prior to joining the company, Johnson served in leadership roles at NXP Semiconductors, Freescale Semiconductor, and Fairchild Semiconductor.
“Silicon Labs’ best competitive advantage is our people,” said Johnson. “After facilitating a smooth transition both internally and externally, I look forward to leading our global team in the new era as a pure-play leader in secure, intelligent wireless connectivity. Our team remains hyper-focused on enabling our more than 20,000 customers globally to create connected devices, which measurably solve tough challenges in energy, health, infrastructure, production, and more.”
Silicon Labs also posted a strong financial results for the second quarter, ending July 3, 2021. The revenue exceeded the top of the guidance range at $278 million, while the revenue from the IoT business ended at a record high of $169 million, up 7% sequentially and 48% year-on-year. Second quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.44 and $1.05, respectively.
“We continue to capitalize on the increased adoption, growth and diversity of the global IoT market,” said Tyson. “Achieving another quarter of record revenue, robust bookings, and strong design wins amid a tight supply chain environment is a testament to our powerful development platform, performance-driven team, and purpose-oriented culture.”
