Cypress Chairman Resigns Amid Proxy War

Release time：2017-06-13
author：Ameya360
source：EE Times
reading：1013

　　Ray Bingham stepped down from Cypress Semiconductor Corp.'s board of directors Sunday (June 11) amid a messy proxy fight with the company's founder and longtime CEO, T.J. Rodgers.

　　Bingham said in a press statement that the ongoing proxy fight with Rodgers—in which Rodgers sought to have Bingham and another Cypress director, Eric Benhamou, replaced—had become a distraction taking away from the management team's ability to implement "Cypress 3.0," a comprehensive strategy for overhauling the chipmaker.

　　"While it saddens me to leave the board at such a time, I believe that the nature of this proxy contest has become a distraction to the company and the management team's ability to fully execute Cypress 3.0—the strategy that is putting Cypress back on track," Bingham said.

　　W. Steve Albrecht, a Brigham Young University professor and independent director of Cypress's board, was named chairman of Cypress following Bingham's resignation. Cypress also announced that Benhamou relinquished his role as lead independent director of Cypress but said Benhamou would remain on the board.

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Cypress expands collaboration with Arm to deliver IoT platform with secure device management
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Cypress expands collaboration with Arm to deliver IoT platform with secure device management

Cypress Semiconductor is expanding its collaboration with Arm to enable secure, easy-to-use management of Internet of Things (IoT) edge nodes based on Cypress’ compute and connectivity hardware.The solution integrates the Arm Pelion IoT Platform with Cypress’ ultra-low power, dual-core PSoC 6 microcontrollers (MCUs) and CYW4343W Wi-Fi and Bluetooth combo radios to enable wireless connectivity. PSoC 6 provides Arm v7-M hardware-based security that adheres to device protection as defined by the Arm Platform Security Architecture (PSA).The PSoC 6 MCU will be using Arm’s PSA-defined Secure Partition Manager and will be supported by the Arm Mbed OS version 5.11 open-source embedded operating system, which will be available this December.Developers will be able to leverage the private key storage and hardware-accelerated cryptography in the PSoC 6 MCU for cryptographically-secured lifecycle management functions, such as over-the-air firmware updates, mutual authentication, and device attestation and revocation.“Secure device management is critical for the IoT to scale, and OEMs require solutions that help them to easily manage devices throughout their lifecycles,” said Hima Mukkamala, senior vice president and general manager, IoT Cloud Services at Arm. “By partnering with companies such as Cypress, we are enabling a more secure environment from device-to-data.”“Cypress is making a strategic push to integrate security into our compute, connect and store portfolio for the IoT,” said Sudhir Gopalswamy, Executive Vice President of Cypress’ Microcontrollers and Connectivity Division. “Our continued collaboration with Arm is focused on delivering secure, easy-to-use solutions and is an important part of our strategy to enable IoT designers to quickly develop, deploy and manage secure IoT edge nodes.”
2018-10-30 00:00 reading：876
Cypress Caps Rebound Year With Strong Q4
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Cypress Caps Rebound Year With Strong Q4

　　SAN FRANCISCO — Cypress Semiconductor reported fourth quarter sales that grew 13 percent compared with the fourth quarter of 2016, capping a year in which the company grew sales by 21 percent overall.　　Hassane El-Khoury, Cypress president and CEO, said in an interview with EE Times that Cypress enjoyed "stellar growth" during the year, outgrowing the industry as a whole even as the broader chip market enjoyed one of its best years in more than a decade. "I'm very proud and very happy with the execution as a company," El-Khoury said.　　Since taking the reins at Cypress from company founder T.J. Rodgers in late 2016, El-Khoury has pushed hard on a strategy known as "Cypress 3.0" to refocus the company around products in the automotive, industrial and consumer markets.　　Bolstered by the 2015 acquisition of NOR flash vendor Spansionand the 2016 acquisition of Broadcom's Internet of Things (IoT) business, Cypress has capitalized on the growing importance of connectivity in the IoT era and the growing semiconductor content being designed into cars and trucks.　　Sales of wireless connectivity products were particularly strong in 2017. El-Khoury said wireless sales increased by 46 percent last year and have essentially doubled since Cypress bought the business from Broadcom in 2016.　　El-Khoury said 2017 brought about a revolution on the smart home front, with products like Amazon's Echo, Google's Google Home and smart speakers from Sonos — all of which feature Cypress chips — providing a glimpse of what is to come. "As these things sell through and more people buy them, we are going to keep that growth going," El-Khoury said.　　Cypress reported fourth quarter sales of $597.5 million, a decline of 1 percent from the third quarter but up 13 percent compared to the fourth quarter of 2016. The company reported a loss in accordance with generally accepted accounting principles (GAAP) of $36 million, compared with a net income of $11 million in the previous quarter and a GAAP net loss of $72.4 million in the year-ago quarter.　　On a pro-forma basis, excluding charges, Cypress reported a fourth quarter net income of $104.7 million, up from a net income of $99 million in the previous quarter and $53.8 million in the fourth quarter of 2016.　　For the year, Cypress reported sales of $2.33 billion, up 21 percent from 2016. The company reported a GAAP net loss of $93.7 million, narrowed from a GAAP net loss of $686.3 million in 2016. Cypress' 2017 pro forma net income was $324.4 million, up 90 percent from $170.5 million in 2016.　　For the current quarter, which closes March 31, Cypress expects sales to decline to between $565 million to $595 million. El-Khoury said the sequential dip is much milder than the seasonal norm for Cypress.　　"We are starting the year strong and we are going to grow from that," he said.
2018-02-05 00:00 reading：950
Cypress HyperBus Set to Get Standards Stamp
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Cypress HyperBus Set to Get Standards Stamp

　　A technology developed by Cypress Semiconductor that's been well-adopted for several years now is set to become a standard. It will likely give the company an advantage in the short term and spur standards-based alternatives in the longer run.　　The company said its high-bandwidth HyperBus 8-bit serial memory interface will be included in the new eXpanded SPI (xSPI) electrical interface standard from the Jedec Solid State Technology Association. The xSPI standard defines requirements for the compatibility of high-performance x8 serial interfaces, including read and write commands, electrical characteristics, signaling protocols for command and data transfers, and a standard pin-out in a Ball Grid Array (BGA) footprint. It hasn't actually been finalized yet, and a Jedec representative wasn't available to comment for this article.　　In a telephone interview with EE Times, Rainer Hoehler, vice president of Cypress' flash business unit, said the inclusion of the HyperBus interface in the Jedec xSPI standard will simplify the design of HyperBus-based memories, as well as provide more flexibility for designers to implement instant-on functionality in automotive, industrial and IoT applications. The HyperBus Interface allows for faster boot time, direct execute-in-place (XIP) from flash, while reducing the amount of RAM needed.　　The 12-pin HyperBus interface consists of an 8-pin address/data bus, a differential clock (2 signals), one chip select and a read data strobe for the controller and is aimed at enabling a wide range of high-performance applications, such as automotive instrument clusters, infotainment and navigation systems and factory automation systems.　　The HyperBus technology can be traced back to Spansion, which merged with Cypress in 2015. The HyperBus interface was introduced in 2014, and is complemented by Cypress' high-density HyperFlash NOR Flash devices for embedded systems, announced in the same year, and high-speed HyperRAM devices for systems that need expanded scratchpad memory, first introduced in 2015.　　Hoehler said the standardization of the HyperBus opens up the ecosystem and also pulls together divergent xSPI technologies, letting designers choose which memory devices they want to use in their systems. “It makes life easier for chipset vendors and their customers," Hoehler  said.　　He said Cypress has plenty of design wins in the automotive sector, which is fine with committing to a pure HyperBus approach, but the industrial market is more fragmented. “They really rely on the standards they can choose," he said.　　Outside of those two segments, Cypress sees opportunity for HyperFlash in networking equipment to support 5G technology.　　Cypress has been focusing away from a low-margin, commoditized businesses and recently reported “stellar" third-quarter earningsdriven by the Internet of Things (IoT), the automotive market and USB-C. The company said its “Cypress 3.0" strategy begun in 2016 to focus on the IoT is paying off faster than expected.　　Even as it looks to jettison low-margin engagements, industrial and automotive continue to key market segments. Jim Handy, principal analyst with Objective Analysis, said the foundation for its success in the latter goes as far back as Fujitsu, which spawned Spansion, now part of Cypress, and started the HyperRAM-HyperFlash-HyperBus troika. Getting this technology standardized under the auspices of Jedec will allow Cypress to make further inroads into any market it's already in, he said.　　The standardization comes as no surprise, Handy added, and it's advantageous for Cypress because it's been in production for several years. “They have leg up on all competition," he said. But although it's getting its day in the sun now, he said, and it will be able to sell to those people concerned about being locked into a proprietary technology, in the longer term standardization means other companies will offer the technology.　　Winbond might be a contender, if only partly, said Handy, as it's become a “powerhouse" in SPI flash. He wouldn't be surprised if some SRAM companies start offering HyperFlash, too, but only if Cypress is successful in creating a market worth going after. “It seems like SRAM companies are a shadow of their former selves," he said.
2017-12-11 00:00 reading：950
Cypress CEO Enjoying 'High-Calorie Growth'
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Cypress CEO Enjoying 'High-Calorie Growth'

　　Cypress Semiconductor Corp. this week issued another strong financial report, posting record sales for a second consecutive quarter on strength in automotive, IoT connectivity and USB-C chips, despite being sidetracked by a messy proxy fight with the company's founder, T.J. Rodgers.　　But for Hassane El-Khoury, Cypress president and CEO, growing revenue is far less important than increasing the company's profitability. While sales improved nearly 12 percent compared to the first quarter to reach $593.8 million, the company's pro forma net income grew at more than five times that rate — 61 percent — to reach $74.7 million. (On a GAAP basis, Cypress halved its quarterly loss to $22.9 million from $45.7 million in the first quarter).　　"It's what I call high-calorie growth. It's not the empty calorie growth where you grow only on the top line but not the bottom line," El-Khoury said in an interview with EE Times Friday (July 28).　　He said Cypress will not chase revenue to increase sales at the expense of distracting the company from more profitable pursuits. For example, he said, Cypress was No. 1 in NOR flash chip sales at the time the company acquired Spansion Inc. in 2015. But Cypress walked away from the market for low-end, low-density, commodity NOR chips to focus on higher-end products in automotive and industrial end markets.　　"We actually walked away from about $80 million in revenue in that business," El-Khoury said. "We are No. 2 today [in NOR flash], but we have 200 percent of the profit. I'm okay with that."　　Since taking over as CEO of Cypress from Rodgers a year ago, El-Khoury has articulated a consistent strategy of selling embedded chips into markets that are growing faster than the overall semiconductor industry. That strategy, dubbed "Cypress 3.0," is paying off. In addition to beating analysts' expectations for sales and profit, Cypress also pleased Wall Street by issuing a better-than-expected third quarter sales forecast that calls for revenue to grow to between $585 million and $615 million.
2017-07-31 00:00 reading：1345
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