Kohlberg Kravis Roberts has appointed Richard L Clemmer, an experienced technology industry executive who was most recently chief executive of semiconductor firm Agere Systems, as a senior
Kohlberg Kravis Roberts has appointed Richard L Clemmer, an experienced technology industry executive who was most recently chief executive of semiconductor firm Agere Systems, as a senior advisor.
Says KKR founding member George R Roberts: ‘The technology industry is one of the largest sectors of the global economy, and as it has matured in recent years we are seeing increased opportunities for private equity.
‘Rick’s extensive experience in the high-tech field and his particular expertise in turnaround leadership will contribute greatly to the development and management of operations at our portfolio companies around the world.’
At Agere, a spin-out from Lucent Technologies, Clemmer implemented a strategic and operational turnaround that ultimately resulted in an USD8bn merger with LSI, yielding nearly a 300 per cent appreciation in shareholder value during his tenure.
Previously he was chief financial officer of Quantum, where he led the company’s liquidity turnaround and oversaw the implementation of the first Silicon Valley tracking stock as well as a USD2bn merger with Maxtor to create the largest company in the hard-disk drive storage industry.
Earlier Clemmer spent 23 years at Texas Instruments where, as chief financial officer of the semiconductor group, he spearheaded the company’s DRAM wafer fabrication international joint ventures during the transformation of the semiconductor business.
Founded in 1976, KKR is one of the world’s oldest and most experienced private equity firms specializing in management buyouts. The firm, which has offices in New York, Menlo Park, London, Paris, Hong Kong and Tokyo, has completed more than 150 transactions with an aggregate value of over USD279bn over the past three decades.
