Broadcom Restructures Into Four Segments
Executives with Broadcom The Irvine, Calif.-based broadband equipment manufacturer said the changes impact everything from marketing to product development. Manufacturing operations, central engineering, and sales, general and administrative functions will remain unchanged.
The company said a vice president will head each group and report directly to interim president and CEO Alan "Lanny" Ross.
"This is an opportunity to more closely align Broadcom's technology and products with our customers and their end markets," Ross said in a statement. "We believe this will result in improved focus and execution of our sales and marketing efforts with current and future customers. In addition, I expect this realignment to help leverage and accelerate the pace of integration and convergence of our broadband communications product offerings to the home, enterprise and mobile markets."
The company said nobody would lose their jobs as part of the realignment and does not expect to rack up any big costs because of the changes. Broadcom is trying to recuperate following a string of patent lawsuits and a $1.76 billion loss reported at the beginning of the year.
The company is currently looking for a permanent replacement at CEO since founder Henry Nicholas announced his retirement back in January 2003. According to published reports, an analyst at U.S. Bancorp Piper Jaffray predicts Broadcom will hire a senior executive from Cisco Systems The new strategic business groups include:
Thursday said the company is consolidating into four distinct business groups as opposed to its current six.
for the top post. A spokesperson for Broadcom declined to comment.