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Infineon fires CFO


Wednesday, August 1, 2007
Infineon Technologies have asked Chief Financial Officer Ruediger Guenther to leave after three months in the job.

Infineon's supervisory board met today to discuss the matter, the people said. Guenther, 49, was asked to step down after a disagreement with the board, and refused to resign, said the people, who asked not to be identified because the discussions are confidential.

Infineon Chief Executive Officer Wolfgang Ziebart is trying to revamp the company with a focus on tailor-made chips for mobile phones, credit cards and cars. Last week, the company reported its ninth loss in 10 quarters on losses at the Qimonda memory-chip unit. Infineon plans to sell its stake in Qimonda because the memory-chip industry is more prone to swings in demand than its other businesses.

Excluding Qimonda, the company posted a fiscal third-quarter profit before interest and taxes of 13 million euros ($17.8 million), compared with a loss of 51 million euros a year earlier. Infineon plans to use the proceeds from the planned sale of Qimonda, in which Infineon holds 85.9 percent, for acquisitions to boost its remaining units or for a share buyback.

By: DocMemory
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