Resignation of Steve Tirado, President and CEO of Silicon Image

Silicon Image, Inc. announced the resignation of its president and chief executive officer, Steve Tirado, 55.

Hal Covert, 62, chief financial officer, will be taking over as president and chief operating officer, effective immediately. Covert joined Silicon Image from Openwave Systems Inc. in 2007, and has more than 30-years of management experience at technology and telecommunications companies.

“We want to thank Steve for his contributions to Silicon Image over the past 10 years,” said Peter Hanelt, chairman of the board of directors at Silicon Image, Inc. “Steve played a key role in leading the company to achieve its vision of delivering digital content everywhere with the development of exciting technology initiatives including the HDMI Standard, the formation of the SPMT Consortium, and continued developments with our Mobile High-Definition Link and LiquidHD™ technology efforts.”

Hanelt continues: “Moving forward, Silicon Image has strong talent, leading-edge technology, and a solid balance sheet with no debt and approximately $160M in cash. The management team is focused on our customers, executing on our product strategy, and enhancing shareholder value.”

Silicon Image has retained the services of an executive search firm to find a new CEO.

 
Since joining Silicon Image in 1999, Steve Tirado has served in a number of capacities, most recently as president of the storage division, and earlier as chief operating officer and executive vice president of marketing and business development. Tirado hails from Sun Microsystems, where he served as vice president of marketing for the Thin Client Products Group, with responsibility for driving the marketing and sales development efforts required to establish Sun”s thin client product family and associated server software in the marketplace. During his 13-year tenure at Sun, Tirado held senior positions in both sales and marketing, including director of product marketing for Volume Desktops, general manager of Sun Mexico, regional manager of sales for Latin America and product line manager for SPARCstation Desktop Products. Tirado received a master”s degree in business administration from the University of California at Berkeley, a masters of social work degree in community organization management and planning from Boston University and a bachelor”s degree in psychology from the University of California at Santa Barbara.

 
Harold Covert brings to Silicon Image more than 30 years of management experience at technology and telecommunications companies. From 2005 to 2007, Covert served as CFO for Openwave Systems Inc. and as a board member and chairman of their audit committee from 2003 to 2005. Covert has previously served as the CFO of Adobe Systems, Inc., Silicon Graphics, Extreme Networks, Inc. and Fortinet, Inc. Earlier in his career, he held financial management positions with industry-leading companies including Northern Telecom, Inc., ISC Systems Corp. and Brush Wellman, Inc. Covert received a bachelor’s degree in business administration from Lake Erie College and an MBA from Cleveland State University. Covert is a Certified Public Accountant and has served in the United States Army.