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DiggBig changes are afoot at Micron Technology Inc. [MU], which has been struggling in the wake of a downturn in the hyper-cyclical dynamic random access memory chip market. According to a Monday note issued by Lazard Capital Market's Daniel Amir, longtime Micron CEO Steve Appleton is planning to step down.
Appleton, an avid stunt plane flier and 25-year veteran of the DRAM chipmaker, has led the charge to help Micron diversify away from its volatile core market via several big acquisitions and partnerships, including the $815 million acquisition of Lexar Media Inc. last year and a NAND flash partnership struck with Intel Corp. [INTC] in 2006.
It has helped. In 2003, about 96% of Micron's revenues were derived from the DRAM market. In 2007, that figure had dropped to 65%, with NAND flash memory making up 23% and image sensor chips 12%. But times are still tough for the Boise, Idaho-based company. It recently reported a $262 million loss for its first fiscal quarter of 2008, which ended in November.
If Appleton does step down -- Amir predicted an announcement to that effect could be made at Micron's Feb. 7 analyst day -- he might not be completely out of the picture. He could take over Micron's image sensor business, the analyst said, which is on track to be spun out by mid-2008. - Olaf de Senerpont Domis
See October 2007 story from EETimes
See June 2007 story from TheDeal.com
See April 2006 story from Tech Confidential
See December 2005 story from TheDeal.com
