Tundra Semiconductor appoints Daniel Hoste as CEO

Mr. Hoste succeeds Jim Roche, who co-founded the company in 1995 and led Tundra to become the leading provider of standards-based System Interconnect products. Mr. Hoste's appointment is the culmination of the Company’s leadership succession planning process. Mr. Roche has stepped down from his role as President and CEO and will be available in an advisory role to the executive management team during a short-term transition phase.

Mr. Hoste’s successful track record as a global executive spans more than 30 years, including 16 years with Freescale Semiconductor, Inc. (formerly the Semiconductor Products Sector division of Motorola, Inc.), one of the world's largest semiconductor companies. At Freescale, Mr. Hoste held management positions in all three business groups of the company, both in Europe and in the United States, including the assignment of Vice President and General Manager of Freescale’s 8-16bit Microcontroller division - a billion-dollar global business – where revenues and profits significantly increased during his tenure.
“Daniel has the experience and leadership attributes required to drive the Company to achieve its business plan and growth strategy, and to continue to be the dominant player in the global System Interconnect industry,” said Dr. Adam Chowaniec, Chairman of the Board, Tundra. “The Board of Directors is confident that with Daniel’s extensive experience in the semiconductor industry and his proven track record of building and leading world-class technology organizations, Tundra’s plan for growth will be successfully executed.”

“The opportunities for Tundra are tremendous. As the market opportunity for our portfolio of products continues to expand, we are well-positioned for growth with a global team of innovative employees, strong senior management, sound business and financial strategies, and a growing portfolio of diversified products,” said Daniel Hoste, President and Chief Executive Officer, Tundra.

“Since the inception of the Company, Jim has been a key contributor to Tundra’s growth and success. Upon his departure, Tundra is both in a solid financial position and gaining a market-leading position in key growth markets," said Dr. Chowaniec. "On behalf of the Board of Directors, I want to extend our appreciation for Jim’s dedication and effort over the years and wish him well in his future endeavors.”
The Company’s second quarter guidance regarding revenue, as communicated on August 28, 2006 remains unchanged. Second quarter earnings will, however, be impacted by today’s announcement and the Company’s revised range for pro forma diluted earnings per share for the quarter is $0.05 to $0.08.
Dr. Chowaniec added, “In fiscal 2007, Tundra continues to focus on growing value, serving customers better, and strengthening System Interconnect as the Company’s core competency. Under Daniel’s leadership Tundra will continue to deliver the innovation customers expect and to create shareholder value.”