Skyworks Solutions Inc (SWKS) Names Liam K. Griffin as CEO; David J. Aldrich to Become Executive Chairman

Skyworks Solutions Inc (NASDAQ:SWKS), an innovator of high performance analog semiconductors connecting people, places and things, today announced that its board of directors has appointed Liam K. Griffin as chief executive officer. Mr. Griffinwas also elected to the board of directors of Skyworks effective May 11, 2016. David J. Aldrich, Skyworks’ chief executive officer since 2000, will assume the newly established role of executive chairman and, in that position, will continue to serve as the chairman of Skyworks’ board of directors.

Skyworks has substantially outpaced the broader semiconductor market: growing the top line at a 25 percent annual rate from $1.1 billion in fiscal 2010 to over $3.2 billion in fiscal 2015. In parallel, the company has maintained a rigorous leadership succession planning process to ensure the organization continues to follow this path of success going forward.

“I am delighted to announce that Liam Griffin has become Skyworks’ chief executive officer as we capitalize on the enormous global mobility andInternet of Things opportunities ahead of us,” said Aldrich. “Liam has a demonstrated track record of success and our proven partnership over 15 years makes him my logical successor. He is a highly energetic and motivating leader who is widely respected amongst our customers, partners, suppliers and investors as well as the entire Skyworks employee base. Liam has the unique ability to translate challenging operational plans into market outperformance through his intense focus and unyielding tenacity. I am confident Liam is the right person at the right time to lead Skyworksinto the next frontier and I look forward to supporting him in my new capacity as executive chairman.”

As executive chairman, Mr. Aldrich, 59, will devote his time to supporting the management transition and working with the leadership team to develop Skyworks’ long term strategy. Mr. Aldrich has served as CEO of Skyworks and its predecessor Alpha Industries, since 2000. During that time, annual company revenue grew from $126 million in 1999, when he became president and chief operating officer, to over $3.2 billion as of fiscal 2015, while operating income increased 7,477 percent.

Mr. Griffin, 49, joined Skyworks in August 2001 as head of sales and marketing. Since that time his responsibilities have continuously expanded with his leadership of Skyworks’ business units, R&D efforts and operations. In 2011, he was promoted to executive vice president and in May 2014 was named company president. Mr. Griffin has been a key architect of the company’s strategy to cement its leadership position in mobile communications while diversifying across the Internet of Things.

Before joining Skyworks, Mr. Griffin was the vice president of worldwide sales at Dover Corporation and held product management and process engineering positions at AT&T’s Microelectronics and Network Systems’ businesses. Mr. Griffin received a Bachelor of Science degree in mechanical engineering from the University of Massachusetts and a Master of Business Administration degree from Boston University.

“I am honored to have been chosen by Dave and the Skyworks board to lead our great company,” said Griffin. “Over the past 17 years, Dave Aldrich’s vision and leadership have built Skyworks into one of the largest and fastest growing semiconductor companies in the world. We have created an awesome platform for analog, mixed signal and RF product integration leveraging our OEM relationships and operational scale. I assume this new leadership role deeply humbled yet highly confident in Skyworks’ future. I look forward to continuing to work closely with Dave and building upon all of his achievements while ultimately realizing our vision of connecting everyone and everything, all the time.” (Original Source)

Shares of Skyworks closed today at $61.66, down $2.93 or -4.54%. SWKS has a 1-year high of $112.88 and a 1-year low of $54.50. The stock’s 50-day moving average is $72.47 and its 200-day moving average is $72.37.

On the ratings front, Skyworks has been the subject of a number of recent research reports. In a report issued on April 29, Drexel Hamilton analyst Cody Acree reiterated a Buy rating on SWKS, with a price target of $90, which represents a potential upside of 38.8% from where the stock is currently trading. Separately, on the same day, Canaccord Genuity’s Michael Walkley reiterated a Buy rating on the stock and has a price target of $95.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Cody Acree and Michael Walkley have a total average return of 10% and 14% respectively. Acree has a success rate of 47.6% and is ranked #362 out of 3845 analysts, while Walkley has a success rate of 56.4% and is ranked #27.

Overall, 2 research analysts have assigned a Hold rating and 10 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $85.56 which is 31.9% above where the stock opened today.

Skyworks Solutions, Inc. engages in the design, development, and manufacture of proprietary semiconductor products. Its product portfolio includes amplifiers, attenuators, circulators, demodulators, detectors, diodes, directional couplers, front-end modules, hybrids, infrastructure RF subsystems, isolators, lighting and display solutions, mixers, modulators, optocouplers, optoisolators, phase shifters, synthesizers, power dividers and combiners, power management devices, receivers, switches and technical ceramics. 


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