Terayon Communication Systems Inc. CEO Zaki Rakib announced his resignation “no later than Aug. 31” Thursday.
When his resignation as CEO takes effect, Zaki Rakib will become chairman, replacing current chairman, president and chief technology officer Shlomo Rakib, who will retain the president and CTO titles.
Terayon said its board “has begun an internal and external search for a successor.”
"For the past 10 years, I have dedicated my time, my energy and my focus to Terayon, in large part at the expense of attention to my family,” Zaki Rakib said in a prepared statement.
“I feel now is the time to reverse the order of my priorities," he added. "I have led Terayon through its phenomenal growth phase and through its survival of the telecommunications industry's recession to where it is now -- back on the path to growth.”
He continued, “I pass to my successor the helm of a strong organization with a healthy balance sheet -- an organization recognized for its leadership in digital video and pioneering efforts in high-speed cable data. Terayon's leadership position in many product areas, combined with its technology assets, can deliver on promises to customers and shareholders."
Terayon also announced that it has added Howard W. "Skip" Speaks Jr. to its board of directors.
Speaks most recently had been CEO of Kyocera Wireless Corp.