Alien Technology Corp., maker of radio frequency identification (RFID) circuits, said on Thursday that its current CEO will step down to assume the new position as Executive Advisor.
Dr. Stav Prodromou is leaving his position as the executive officer as the company initiates a search for another person to lead the company. In the interim, Robert Eulau, the company's current executive vice-president and CFO will act as CEO.
Duane Zitzner, Interim Chairman of the Board, thanked Prodompu for his efforts during over his time as CEO.
On behalf of the Board of Directors, Zitner said, I want to thank Stav for his considerable contributions over the last four years in building Alien to an industry leadership position in RFID,
The boardroom shake-up follows a turbulent year for the company. In the beginning of August, the company widthrew its $120 million initial-public-offering, stating the time was not right due to market conditions
In April, Alien filed a registration statement for a proposed initial public offering of approximately $120 million worth of shares, but no shares of the company's common stock have been sold.