John Kispert

Flash manufacturer Spansion has been bleeding red ink as its stock price fell to less than %.10 per share.  The joint-venture company was formed when AMD spun off the Flash group and teamed up with Fujitsu to run the operation as a separate company.

Spansion acquired a 300mm fab to manufacture NOR Flash ICs at Aizu, Japan.  Due to the severe market conditions in the memory business, the Aizu facility did not turn a profit yet.

Amid the financial turmoil, Bertrand Cambou, who ran the business since the beginning has suddenly resigned. Several weeks earlier, Spansion was listed for sale or merger.

Former president, COO, and CFO of instruments maker KLA-Tencor, John Kispert, takes over at the helm of Spansion as CEO.  During his 13 years with KLA-Tencor, he held a variety of operations- and finance-related positions, including CFO. At KLA-Tencor, Kispert played an instrumental role in several of the company's most critical initiatives, including operational and organizational restructuring following the 1997 merger between KLA Instruments and Tencor Instruments. Before joining KLA-Tencor in 1995, Kispert held several senior management positions with IBM.

Boaz Eitan, founder and CEO of Saifun, a Flash IP company acquired by Spansion becomes president under Kispert.

In January 2009, Spansion revealed that it has been exploring strategic alternatives, including, but not limited to, opportunities to merge with or sell to similar U.S. or foreign businesses. that in connection with the exploration of strategic alternatives it has initiated discussions to begin an organized process of potential balance sheet restructuring opportunities. In anticipation of this process, the company has decided to delay making the interest payment on its outstanding 11.25% Senior Notes due 2016, which is due January 15, 2009. Under the indenture governing the 11.25% Notes, a failure to make an interest payment is subject to a 30-day cure period.