SiRF's Canning is Out; Investors Celebrate

SiRF Technology Holdings (SIRF) this morning announced that President and CEO Michael Canning resigned immediately as an officer and director. Diosdado P. Banatao, a founder of the company and chairman of SiRF’s board, has been appointed executive chairman and interim president and CEO.

Clearly, the market is happy to see him go: SIRF is up 78 cents, or 14.26%, to $6.25. Note that shares of the GPS chip maker have been a nightmare this year; despite today’s gain the stock is down 76% year to date.