Broadcom announced major changes to its C-suite on Thursday with Charlie Kawwas named chief operating officer and Kirsten Spears named chief financial officer.
Current CFO Tom Krause will become president of Broadcom’s new Infrastructure Software Group. Meanwhile, Kawwas was the chief sales officer and will now be responsible for sales in the semiconductor and Brocade Storage Networking units, among other duties. Spears is moving from her current role as corporate controller.
The executive changes came on the same day Broadcom announced fiscal fourth quarter earnings, with an 11% jump in revenue, reaching $6.47 billion. The company said core semiconductors and infrastructure software helped. Semiconductors were up by 6% to $4.83 billion, while infrastructure software was up by 36% to $1.6 billion.
Broadcom has been steadily beefing up its software portfolio. Broadcom bought Symantec’s enterprise security business for $10.7 last August after prior purchases of software companies Brocade and CA.
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CEO Hock Tan cited a continued demand for networking products from cloud customers and for broadband from service providers, as well as growth in wireless amid. However, the company saw soft demand in the enterprise segment.
For fiscal first quarter 2021, Broadcom issued guidance of $6.6 billion in revenue, a 13% improvement over a year ago.
Even though Broadcom beat analyst expectations on the top and bottom lines, its shares dropped nearly 2% in after hours trading, reaching $402.
For its entire 2020 fiscal year, Broadcom a 6% improvement in net revenue, reaching nearly $24 billion.
Of that total, about $17.2 billion came from semiconductor sales, a 1% decline from fiscal 2019. Infrastructure software revenues climbed 28% to $6.6 billion. In 2019, Broadcom ranked fifth of global chipmakers, with Intel in the top spot, followed by Samsung, SK Hynix, Micron and then Broadcom.
The North San Jose-based company has about 19,000 employees.