Immersion Corporation Announces CFO Change; Affirms 2011 Financial Outlook
Immersion Corporation (NASDAQ: IMMR) today announced that Shum Mukherjee, Chief Financial Officer, will step down from the Company effective December 31, 2011.
The Company also reaffirmed its outlook for fiscal 2011 for revenues of $29.5 to $30.5 million and net loss of $(1.0) to $(2.0) million.
“I want to thank Shum for his efforts on behalf of the company,” said Immersion CEO Victor Viegas. “As we move forward, we are focused on supporting our hybrid business strategy which includes IP licensing as well as solutions sales. We expect our financial results for fiscal 2011 to be in line with the outlook provided last quarter and look forward to continuing to execute across our strategic initiatives in the coming year.”
Mr. Viegas will assume the role of interim Chief Financial Officer while the Board of Directors conducts a search for a successor. Bernard J. Whitney, a partner at FLG Partners, a leading CFO services and board advisory firm, has been engaged as a senior financial consultant to assist the company during the transitional period. Prior to joining FLG, Mr. Whitney served as Chief Financial Officer or in other senior financial management roles for fast-growth global technology companies including Handspring, Inc., Sanmina Corp. (NASDAQ: SANM), Network General Corp., and Connor Peripherals, Inc. He presently serves as the Audit Committee Chair of the board of directors at Digimarc Corporation (NASDAQ: DMRC), a digital rights management company.
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