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SanDisk: CEO Harari To Retire; Q2 Profitable

7/23/2010 12:18:53 PM Eastern

Milpitas, Calif. -- SanDisk announced today founder/chairman/CEO Eli Harari will retire at the end of the year.

Sanjay Mehrotra, SanDisk's president and COO, will succeed Harari as CEO, and board member Michael Marks will be the new chairman, effective January 1, 2011.

Mehrotra was appointed to the company's board of directors, effective July 21.

The announcement coincided with Sandisk's release of it's second-quarter financial results. SanDisk reported a $258 million profit in the second quarter, resulting from a 61-percent jump in revenue, to $1.2 billion.

Product revenue was $1.1 billion, up 79 percent year over year.

On a non-GAAP basis, second-quarter net income was $258 million, compared with net income of $83 million in the second quarter of 2009, and net income of $225 million in the first quarter of 2010.

"SanDisk delivered another excellent quarter, with OEM demand driving record unit and gigabytes sold," Harari said.
"We achieved 47 percent total gross margin due to cost reductions and a stable pricing environment. We exited the quarter with a record high cash balance of $3.7 billion or $2.6 billion net of debt," he added.

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