KKR Announces Appointment of Richard L. Clemmer as Senior AdvisorJune 13, 2007
Menlo Park, CA, June 13, 2007 – Kohlberg Kravis Roberts & Co. (KKR) announced today that it has appointed Richard L. Clemmer, an experienced technology industry executive, as a Senior Advisor to the firm.
George R. Roberts, Co-Founding Member of KKR, said, “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.”
Most recently, Mr. Clemmer was chief executive officer of Agere Systems, the Lucent spin-out and a global leader in semiconductors. At Agere, he implemented a strategic and operational turnaround that ultimately resulted in an $8 billion merger of equals with LSI, yielding nearly a 300% appreciation in shareholder value during his tenure. Mr. Clemmer took over at Agere following a period of investing and supporting technology startups. Previously, Mr. Clemmer served as chief financial officer of Quantum Corporation, where he led the company’s liquidity turnaround and oversaw the implementation of the first Silicon Valley tracking stock and the $2 billion merger with Maxtor Corporation, which created the largest company in the hard-disk drive storage industry.
Prior to Quantum, Mr. Clemmer spent 23 years at Texas Instruments where, as chief financial officer of the Semiconductor Group, he spearheaded the company’s DRAM wafer fab international joint ventures during the transformation of the semiconductor business.
Mr. Clemmer holds a bachelor’s degree in business administration from Texas Tech University and a master’s degree in business administration from Southern Methodist University. He serves on the board of I2 Technologies and uNav Microelectronics.
Kohlberg Kravis Roberts & Co. (KKR) is one of the world’s oldest and most experienced private equity firms specializing in management buyouts. Founded in 1976, it has offices in New York, Menlo Park, London, Paris, Hong Kong and Tokyo.
Throughout its history, KKR has brought a long-term investment approach to its portfolio companies, focusing on working in partnership with management teams and investing for future competitiveness and growth. Since its founding, KKR has completed more than 150 transactions with an aggregate value of over US$279 billion. (www.kkr.com)
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