Tuesday, May 5, 2009
NextWave Switches Up Execs, Focuses On PacketVideo
San Diego-based NextWave Wireless, a developer of wireless semiconductor technology and owner of a number of wireless spectrum licenses, said late Tuesday that the company is shifting its focus almost entirely to its PacketVideo subsidiary. The firm said that the move comes as part of its plan--announced in Q3 of last year--to divest or discontinue its wireless semiconductor and network equipment businesses. As part of the efforts, the firm's interim COO, Michael Murphy, and the firm's CFO, George Alex, have both resigned, and Chairman, CEO, and President Allen Salmasi will focus on "maximizing the value" of the firm's spectrum assets, and reducing his role to Chairman. Salmasi hands over the title of President and CEO to James Brailean, President and CEO of the firm's PacketVideo subsidiary, with Francis Harding becomes Chief Financial Officer at the company. In September, NextWave hired an investment banker, laid off staff, shuttered its Wi-Fi networking equipment unit, and sold of its IPWireless subsidiary to that unit's management team.