Ikanos CEO steps down

Rajesh Vashist, chairman and chief executive officer of DSL chip maker Ikanos Communications, has resigned both posts, effective immediately, the company announced late Tuesday.

Daniel Atler, the company’s chief financial officer, will serve as interim CEO until a permanent replacement for Vashist has been appointed. And Cory Sindelar, vice president of finance, will become interim CFO.

Vashist has been Ikanos’ CEO since 1999 and chairman since 2004.

No reason is given for Vashist’s resignation in the press release announcing it. Vashist simply stated, “It is now time for me to pass the leadership of the company to others.” G. Venkatesh, Ikanos’ executive chairman, was quoted thanking Vashist for his contributions and leadership.

Earlier this month, the company warned that its third-quarter revenue would not meet analysts’ expectations due to delays in some of its newest products as well as “manufacturing constraints and general weakness in the communications industry.” In particular, Ikanos attributed the shortfall to delays in both its fourth-generation VDSL2 chip sets as well as the fifth-generation VDSL2 chips it unveiled in July.

The same day Ikanos announced its revenue shortfall, the company terminated Derek Obata, its vice president of worldwide sales.

Ikanos is scheduled to report its third-quarter earnings tomorrow.