PMC-Sierra separated its chairman and CEO positions on February 21, 2003: Alexandre Balkanski became chairman, while Bob Bailey remained president and CEO. The company said the change aligned its governance with emerging industry practices.
What changed at PMC-Sierra in 2003?
Before the change, Bailey held the chairman, president and CEO positions together. PMC-Sierra announced that Balkanski, already a company director, would take over as chairman; Bailey continued as president and CEO. The announcement also said the company had adopted a code of ethics for its principal executive and senior financial officers. PMC-Sierra’s February 21, 2003 announcement
Why did PMC-Sierra separate the roles?
The company described the move as an effort to align its governance initiatives with emerging industry practices. Bailey said, “These steps are in keeping with the best corporate governance practices in the industry today.” The announcement establishes the company’s stated rationale, not a measured effect on performance or shareholder returns.
How did the leadership roles develop?
- Bailey had been PMC-Sierra’s president and CEO since July 1997.
- He became chairman in February 2000, then held the chair, president and CEO positions together until the February 2003 separation.
- Balkanski, a director since August 1993, became chairman in February 2003. The SEC proxy described him as a Benchmark Capital general partner and a co-founder and former president and CEO of C-Cube Microsystems. SEC proxy statement
- In April 2008, PMC-Sierra appointed Greg Lang president and CEO while Bailey remained chairman, showing that the roles were still separate at that succession. April 2008 succession announcement
What the split does—and does not—show
The 2003 announcement documents a change in who held the chair and CEO titles and gives PMC-Sierra’s governance rationale. The cited announcements and proxy do not establish a stock-price reaction, a shareholder vote on the change, or a measurable operating effect.
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