Netgear Appoints Charles Prober As New CEO

(RTTNews) - Netgear, Inc. (NTGR), Wednesday announced the appointment of Charles Prober as new CEO.

Patrick Lo, current Chief Executive Officer and Chairman of the board, is retiring from his position at the company and from the company's Board. Lo will remain as a strategic advisor to support a seamless leadership transition through July 2024.

Prober is also joining NETGEAR's Board of Directors.

"As co-founder of NETGEAR, and leader for nearly three decades, it goes without saying that Patrick Lo's impact on the company is undeniable. His vision for delivering the future of connectivity through advanced networking products and solutions has shaped who we are as a company, and we celebrate all he has accomplished," said Thomas H. Waechter, NETGEAR Lead Independent Director. "CJ has the full confidence of the Board. We look forward to working with him and the NETGEAR leadership team to take the company forward for its next phase of innovation."

Separately, Netgear provided preliminary fourth-quarter results, with revenues expected to be between $179 million and $189 million, compared to prior guidance of $175 million to $190 million.

The company said it continued to experience strong underlying demand in the premium portion of its CHP product portfolio, riding on the success of its Orbi WiFi 7 launch which continued through the holiday season.