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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesPMC-Sierra announced in October 2007 that president and CEO Robert “Bob” Bailey planned to retire, but he would remain CEO until the board appointed a successor. EDN later reported that PMC-Sierra had posted a $5.9 million loss in the third quarter; the available company and SEC succession documents do not establish that the loss caused Bailey’s decision.
What PMC-Sierra announced
Bailey announced his intention to retire on October 17, 2007, according to PMC-Sierra’s SEC Form 8-K. The company’s October 18 press release said the retirement would become effective when a replacement was named.
Until then, Bailey continued as president and CEO. He was also expected to remain chairman of the board through his current term. The board created a search committee and said it would consider both internal and external candidates.
Why Bailey said he was retiring
Bailey gave a personal explanation rather than citing financial performance. The company release quoted him as saying: “It is because of these facts and my desire to pursue some important personal endeavors, unrelated to business, that it is an appropriate time to initiate a search for my successor.”
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Neither the release nor the related 8-K says that the reported quarterly loss prompted his retirement. The timing created an apparent connection, but the documents support only a planned succession process and Bailey’s stated personal reason.
How the Q3 loss fits the timeline
In an April 2, 2008 retrospective, EDN reported that PMC-Sierra had recorded a $5.9 million loss for the third quarter. That amount should be attributed to EDN: the cited retirement announcement and SEC filing confirm the succession details, not the loss figure itself.
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| Date | Event | What the record establishes |
|---|---|---|
| October 17, 2007 | Bailey announced his intention to retire | The SEC 8-K says the change would take effect when a replacement was appointed. |
| October 18, 2007 | PMC-Sierra issued its public announcement | Bailey would remain CEO during the search and chairman through his current term. |
| Q3 2007 | Loss reported retrospectively by EDN | EDN gave the figure as $5.9 million; the retirement filing is not the source for that amount. |
| April 2, 2008 | Successor reported | EDN said Greg Lang would take over after PMC-Sierra filed its first-quarter financials. |
Who replaced Bob Bailey?
EDN reported on April 2, 2008, that Greg Lang was named Bailey’s successor. Lang’s appointment was scheduled to become effective after PMC-Sierra filed its first-quarter financial results. Bailey was expected to continue as board chairman.
What the transition terms said
The SEC filing stated that Bailey’s compensation would not change while he remained CEO. It also described contractual provisions covering a full-quarter salary if departure occurred during a partial quarter, a full short-term incentive bonus for a six-month period in which he held the CEO title, and certain benefits and option treatment after separation. These were Bailey’s executive agreement terms, not a general policy for PMC-Sierra employees.
The clearest reading of the episode
- Announcement date: October 2007, when Bailey began the succession process.
- Effective retirement date: The date a replacement was appointed, rather than the date of the announcement.
- Stated reason: Personal endeavors unrelated to business.
- Financial context: EDN’s later report of a $5.9 million Q3 loss.
- Successor: Greg Lang, reported in April 2008.
Frequently Asked Questions
Did PMC-Sierra say the Q3 loss caused Bob Bailey’s retirement?
No. The company announcement cites Bailey’s desire to pursue personal endeavors unrelated to business and does not link his decision to the loss reported later by EDN.
When did Greg Lang replace Bob Bailey?
EDN reported that Lang’s appointment would take effect after PMC-Sierra filed its Q1 financials in 2008; Bailey was to remain chairman.
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- Publication Date: 2016-02-29
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