Analog Devices, Inc. (NASDAQ: ADI), a developer of high-performance semiconductors for signal processing applications, today announced that Mark M. Little, former Senior Vice President, GE Global Research and Chief Technology Officer of General Electric Company, has been elected as a Director of the Company, and that the Board of Directors of the Company intends to elect Robert H. Swanson, Executive Chairman of Linear Technology Corporation, as a Director following the closing of the Company’s acquisition of Linear Technology Corporation. Richard Beyer and John Hodgson will retire from the Company’s Board of Directors, effective as of the Company’s 2017 Annual Meeting of Shareholders.
“We are very grateful to Rich and John for their years of dedicated service to ADI, and for their wise counsel as members of our Board,” said Ray Stata, ADI Chairman of the Board. “We are pleased to welcome Mark Little as a new Director, and we are also looking forward to Bob Swanson joining the Board following our acquisition of Linear Technology Corporation.”
Dr. Little is the former Senior Vice President, GE Global Research and Chief Technology Officer of General Electric Company, a global digital industrial company. Dr. Little joined GE in 1978, and during his 37-year tenure, held management positions in engineering and business, culminating with his most recent position, which he held from 2005 to 2015. In addition to his technology leadership, Dr. Little led several multi-billion dollar business units at GE including GE Energy’s power-generation segment. Dr. Little holds bachelor’s and master’s degrees in mechanical engineering from Tufts and Northeastern universities, respectively, and a Ph.D. in mechanical engineering from Rensselaer Polytechnic Institute.
Mr. Swanson, a founder of Linear Technology, has served as Executive Chairman of the Linear Technology board of directors since January 2005. Prior to that time, he served as Chairman and Chief Executive Officer of Linear Technology since its incorporation in 1981. Mr. Swanson has a B.S. degree in Industrial Engineering from Northeastern University.
On July 26, 2016, ADI and Linear Technology entered into an agreement and plan of merger that provides for the acquisition of Linear Technology by the Company. The Company and Linear Technology currently expect the acquisition to be completed by the end of the Company’s second fiscal quarter of 2017, subject to receipt of the remaining required regulatory approvals and subject to the satisfaction or waiver of the other conditions contained in the merger agreement. The Board of Directors of the Company intends to elect Mr. Swanson to the Board at the later of the completion of the acquisition or the Board of Directors meeting following the Company’s 2017 Annual Meeting of Shareholders, currently anticipated to be held on March 8, 2017.