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Short Take: President and CEO of Integrated Circuit Systems resigns

Shares of Integrated Circuit Systems closed down more than 14 percent today following the departure of the company's chief executive. A provider of Ethernet circuits and frequency timing generators, Integrated Circuit issued a terse statement on Friday announcing that Stavro Prodromou had resigned. In a separate press release issued today, the company said it expects its earnings for the quarter to be in line with analysts' forecasts.

Shares of Integrated Circuit Systems closed down more than 14 percent today following the departure of the company's chief executive. A provider of Ethernet circuits and frequency timing generators, Integrated Circuit issued a terse statement on Friday announcing that Stavro Prodromou had resigned. In a separate press release issued today, the company said it expects its earnings for the quarter to be in line with analysts' forecasts.