Transmeta Taps New CEO, Phases Out Older Chips

Transmeta said Thursday it has tapped Arthur Swift for its new president and CEO, replacing Matthew Perry. In a statement, Transmeta said that Perry personally recruited Swift to the Santa Clara, Calif., company two years ago.

Transmeta disclosed little about Perry's future, saying only that he is leaving the company.

Swift is a 25-year industry veteran and, since March 2003, has been Transmeta's senior vice president of marketing.

In addition to replacing its CEO, the company announced its two main products -- the Crusoe and Efficeon processors -- will now only be offered on "an end-of-life" basis. Some "critical customers" could still receive the chips on modified terms and conditions, the company.

Transmeta said it now will focus its efforts on developing and licensing its proprietary LongRun2 processor technology.

In addition, Transmeta said it had signed NEC Electronics, Fujitsu and Sony to licensing pacts. Transmeta said it also has signed a strategic alliance with both Sony and Sony Computer Entertainment to help the electronics and entertainment giant "accelerate and expand" adoption of LongRun2.

Transmeta's stock has been under extreme pressure, and even after a boost of almost 10 percent on the announcements its stock price remained less than $1 a share, at 93 cents, at the close of the market Thursday.