SOURCE: SMART Modular Technologies

October 10, 2006 09:00 ET

SMART Modular Technologies Promotes Jack A. Pacheco, Chief Financial Officer, From Vice President to Senior Vice President

Takes Lead in Business Development to Drive Strategic Growth and Direction of Company

FREMONT, CA -- (MARKET WIRE) -- October 10, 2006 -- SMART Modular Technologies (WWH), Inc. (NASDAQ: SMOD), a leading independent manufacturer of memory modules, embedded computing subsystems, and TFT-LCD display products, announced today that Jack A. Pacheco, Chief Financial Officer, has been promoted from Vice President to Senior Vice President. In addition to Mr. Pacheco's worldwide responsibility for SMART's finance, tax, treasury and risk management activities, he will also lead SMART's business development activities. In his new, expanded role, Mr. Pacheco will evaluate merger and acquisition prospects, strategic alliances, and other corporate growth initiatives to identify emerging technology and market opportunities. Mr. Pacheco will continue to oversee IT, corporate governance, investor relations, HR, and legal activities for the company.

"This promotion formally recognizes Jack's exceptional contributions to SMART over the past two years, and his latest undertaking in business development positions him to drive our strategic growth initiatives," said Iain MacKenzie, SMART's President and Chief Executive Officer. "The Board of Directors echoes my sentiments and belief that Jack is instrumental to the continued growth and success of SMART. With Jack's efforts, we look forward to building on our success in the upcoming years."

SMART, which emerged as an independent company after its spin-off from Solectron Corporation (NYSE: SLR) in 2004, recently reported impressive financial results for fiscal year 2006, which ended in August. The Company reported year-over-year growth of 16% in net sales (over $700 million), 25% in gross profit (over $125 million), and 23% in GAAP net income (over $32 million). Please refer to SMART's earning press release issued on September 28, 2006 for more detailed results.

"I'm excited about taking on an even larger role in the leadership of this company. My efforts will be focused on accelerating product development and diversification while offering technological innovation to our customers, all of which should help drive growth and enhance profitability. As a company, we're looking to optimize and strengthen our core business while expanding into adjacent and complementary businesses," said Mr. Pacheco.

Significant financial transactions managed under Mr. Pacheco's leadership, include the issuance of $125 million in high-yield notes, revolving credit facilities of up to $100 million, and most recently, SMART's initial public offering, which raised over $160 million.

Mr. Pacheco formerly served as Chief Financial Officer for Ignis Optics, Inc., an optical components startup, acquired by Bookham Technology. He holds an MBA from Golden Gate University and a BS in Business Administration from Washington State University.

About SMART

SMART is a leading independent designer, manufacturer and supplier of electronic subsystems to original equipment manufacturers, or OEMS. SMART offers more than 500 standard and custom products to OEMs engaged in the computer, industrial, networking, gaming, telecommunications, and embedded application markets. Taking innovations from the design stage through manufacturing and delivery, SMART has developed a comprehensive memory product line that includes DRAM, SRAM, and Flash memory in various form factors. Its Embedded Products Division develops embedded computing subsystems, backed by design and manufacturing, for markets supporting test equipment, 3G infrastructure and network processing applications. SMART's Display Products Group designs, manufactures and sells thin film transistors (TFT) liquid crystal display (LCD) solutions to customers developing casino gaming systems as well as embedded applications such as kiosk, ATM, point-of-service, and industrial control systems. SMART's presence in the U.S., Europe, Asia, and Latin America enables it to provide its customers with proven expertise in international logistics, asset management, and supply-chain management worldwide. See http://www.smartm.com for more information.

Contact Information

  • Contact:
    Joy Donohue
    SMART Modular Technologies
    Email Contact
    (978) 805-2164

Multimedia