Microsemi Corp. named a new chief executive Wednesday and said it completed a profitable fourth quarter and year.
The Santa Ana semiconductor company promoted Jim Peterson to president and chief executive. He succeeds Philip Frey Jr., who has headed the company since 1972. Frey will remain chairman.
Peterson, who also will serve on the company's board, had been president of Linfinity Microelectronics, joining Microsemi in April 1999 after the company acquired Linfinity, which makes integrated circuits that manage the power used by consumer electronics.
The company also said it earned $4.2 million, or 29 cents a share, in the fourth quarter, compared with a net loss of $2.1 million, or 19 cents a share, for the fourth quarter last year, which included an inventory charge of $6 million. Sales for the quarter ended Oct. 1 increased 14% to $65.4 million.
Net income for the year rose to $8.2 million, or 66 cents a share, from $1.5 million, or 13 cents a share, for the previous year. Sales increased 34% to $247.6 million.
Microsemi also named Dave Sonksen, its chief financial officer, to the additional post of executive vice president.
The company's stock closed at $27.38, down $1.19 a share, in Nasdaq trading.