QLogic CEO Resigns

QLogic (NASDAQ: QLGC  ) has named Chief Financial Officer Jean Hu to serve as interim CEO after announcing Friday that President and Chief Executive Officer Simon Biddiscombe had resigned both these offices, and quit his position as a director of the company as well, "in order to pursue other opportunities."

It was a rather sudden move, too, as QLogic said the resignations all took effect "immediately." The networking switch-maker says it is looking for a permanent replacement. Biddiscombe joined the company in 2008.

In other news, QLogic said it reaffirmed its non-GAAP financial guidance, given earlier this month, for the current first fiscal quarter of 2014. The company said on its Q4 earnings conference call that it expected Q1 revenues to range from $110 million to $116 million with gross margins of 67% to 68% and pro forma earnings of between $0.11 and $0.16 per share.

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