The Triangle Business Journal reported on Friday that Bob Lynch has been ousted as chief executive officer at startup Nitronex.
The News & Observer confirmed the report on Saturday.
Jack Hillson is the new CEO. Before joining Nitronex in December, he was vice president of operations for TeraConnect, Inc. and Corning Lasertron and senior vice president and general manager at Digital Microwave.
According to TBJ, Nitronex also cut 15 employees and demoted several other executives after the company missed a milestone for its cutting-edge gallium nitride chips. The technology was discovered by four North Carolina State students who were studying gallium nitride. Nitronex is positioning the chips as an alternative to silicon chips.