PORTLAND, Ore.--(BUSINESS WIRE)--Lattice Semiconductor Corporation (NASDAQ: LSCC), a leading provider of customizable smart connectivity solutions, announced the appointment of Steve Douglass as the Company’s Corporate Vice President, R&D, effective immediately. Mr. Douglass brings extensive experience building and leading global high performing engineering and customer-facing teams that deliver industry-leading IC products and solutions. He has a proven track record of creating and executing business strategies that inspire customer innovation and deliver profitable results. Prior to Lattice, Mr. Douglass was the Corporate Vice President, Customer Technology Deployment at Xilinx, Inc.
Jim Anderson, President and Chief Executive Officer, said, “We are excited to have Steve Douglass join Lattice. His proven ability to lead global FPGA development teams and drive customer-focused innovation in targeted applications make him the perfect fit. His technical skills, market knowledge and leadership capabilities will help further strengthen Lattice as we drive sustained growth and profitability by accelerating the worldwide adoption of our ground-breaking hardware and software solutions.”
Mr. Douglass said, "I am excited to be joining Lattice and leading its R&D efforts. Lattice has excellent programmable product offerings built by a talented engineering team. I look forward to the opportunity to further strengthen the portfolio with market driven innovations that will help deliver profitable growth for the Company.”
Steve Douglass brings to the role over 30 years of broad technology experience developing programmable solutions for many markets including wired and wireless communications, industrial, automotive and test and measurement. He is a 20-year Xilinx executive, most recently serving as Corporate Vice President, Customer Technology Deployment and leading the Worldwide Technical Sales and Support team since 2012. Prior to that, he held a wide range of leadership positions, including Vice President and GM, Advanced Products Division, and Vice President of Product Development. Mr. Douglass was previously at Cypress Semiconductor for 13 years and served in various leadership roles, including Business Unit Director, CPLDs and FPGAs. He began his career as a Circuit Design Engineer at Intel Corporation. He was awarded 23 U.S. and International patents for FPGA and PLD architectures and circuits, and has received numerous industry honors including EDN’s Product of the Year and Innovator of the Year. He holds a Master of Science in Electrical Engineering from Stanford University and Bachelor of Science in Electrical Engineering from Santa Clara University. He also serves on Santa Clara University’s Electrical Engineering Industry Advisory Board.
Inducement Awards Granted:
The independent Compensation Committee of the Company's Board of Directors approved the grant of equity compensation awards, effective on Mr. Douglass’s start date, outside of the Company’s 2013 Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4), as inducements material to Mr. Douglass entering employment with the Company. Restricted stock units, or RSUs, for approximately 130,500 shares of the Company’s common stock, with time-based vesting and the specific number of shares calculated based on the Company average stock pricing to provide a value of $1.0 million. Performance RSUs for approximately 96,500 shares of the Company’s common stock, with vesting of up to 200% based on the achievement of total shareholder return targets and the specific number of shares calculated using the Company’s standard Monte-Carlo simulation valuation model to provide a value of $1.0 million.
Forward-Looking Statements Notice:
The foregoing paragraphs contain forward-looking statements that involve estimates, assumptions, risks and uncertainties. Any statements about Lattice’s expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Such forward-looking statements include statements relating to: Lattice’s opportunities and strategy. Other forward-looking statements may be indicated by words such as “will,” “could,” “should,” “would,” “may,” “expect,” “plan,” “project,” “anticipate,” “intend,” “forecast,” “future,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms or other comparable terminology.
Factors that may cause actual results to differ materially from the forward-looking statements in this press release include global economic uncertainty; overall semiconductor market conditions; the trading price of our common stock on the date of the inducement award, market acceptance and demand for Lattice’s products; and the impact of competitive products and pricing; technological and product development risks;. In addition, actual results are subject to other risks and uncertainties that relate more broadly to Lattice’s overall business, including those risks more fully described in Lattice’s filings with the SEC, including its annual report on Form 10-K for the fiscal year ended December 30, 2017, and Lattice’s quarterly reports filed on Form 10-Q.
You should not unduly rely on forward-looking statements because actual results could differ materially from those expressed in any forward-looking statements. In addition, any forward-looking statement applies only as of the date on which it is made. Except as required by law, Lattice does not intend to update or revise any forward-looking statements, whether as a result of events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
About Lattice Semiconductor Corporation:
Lattice Semiconductor (NASDAQ: LSCC) is a leader in smart connectivity solutions at the network edge, where the “things” of IoT live. Our low power FPGA and video ASSP products deliver edge intelligence, edge connectivity, and control solutions to the industrial, consumer, communications, compute, and automotive markets. Our unwavering commitment to our global customers enables them to accelerate their innovation, creating an even better and more connected world.
For more information about Lattice, please visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, YouTube, WeChat, Weibo or Youku.