CEVA Announces CEO Transition Plan
10 November, 2022
Current CEO Gideon Wertheizer, is to Retire at Year End. Amir Panush to be appointed as the next CEO effective January 1, 2023. CEVA's GAAP net loss for the third quarter of 2022 was $22.3 million
Above: Amir Panush (left) and Gideon Wertheizer
CEVA announced that CEO Gideon Wertheizer has chosen to retire at the end of 2022. The board of directors has unanimously appointed Amir Panush as CEO effective January 1, 2023. Wertheizer will continue to serve as an active member of board of directors and will be employed in an advisory role, to ensure a smooth leadership transition.
Wertheizer had joined CEVA since the company’s inception 20 years ago and served as its CEO for the last 17 years. Amir Panush was selected following an extensive search. He joins CEVA from InvenSense, a TDK group company, where he served as CEO and General Manager of TDK Corporation’s MEMS Sensors Business Group and where he led the company through revenue growth of over 100% since 2020. Previously he had held various leadership positions at TDK, following TDK’s acquisition of InvenSense in 2017.
Prior to InvenSense, Panush held several leadership roles at Qualcomm and led strategic marketing and partnerships at Atheros Communications (acquired by Qualcomm). Panush said: “CEVA is uniquely positioned to leverage its deep portfolio of wireless connectivity and smart sensing IPs at a time when the market opportunity for these technologies has never been greater.”
$15.7 million write-off
CEVA license wireless connectivity and smart sensing technologies such as Digital Signal Processors, AI engines, wireless platforms, cryptography cores and complementary software. Its total revenue for the third quarter of 2022 was $33.7 million, a 3% increase compared to $32.8 million for the third quarter of 2021.
GAAP net loss for the third quarter of 2022 was $22.3 million, as compared to a $0.2 million reported for the same period in 2021. This is primarily attributable to a $15.7 million write-off of deferred tax assets, , (b) a $5.0 impairment charge with respect to an investment in Immervision and $3.5 million of which was recorded in operating expenses.