UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

PIXELWORKS, INC.

(Exact name of registrant as specified in its charter)

OREGON (State or other jurisdiction of incorporation)		000-30269 (Commission File Number)		91-1761992 (I.R.S. Employer Identification No.)

8100 SW Nyberg Road
Tualatin, Oregon 97062
(503) 454-1750
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

PIXELWORKS, INC. AND SUBSIDIARIES

Item 5.02      DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN

          OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On February 20, 2007, Michael D. Yonker, Vice President, Chief Financial Officer, Treasurer and Secretary of Pixelworks, Inc. (the “Company”) tendered his resignation from all of such positions effective March 31, 2007. Mr. Yonker chose to pursue other opportunities in Oregon as the Company continues to consolidate key leadership responsibilities and related business functions into fewer sites, primarily in Shanghai and San Jose.

A press release issued February 26, 2007 to announce the resignation is filed herewith as Exhibit 99.1 to this Report.

Item 9.01      FINANCIAL STATEMENTS AND EXHIBITS

99.1       Press Release issued by Pixelworks, Inc. dated February 26, 2007.

SIGNATURE

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT 99.1

Financial News Release

For Immediate Release

Contact Information:		Investor Inquiries		Media Inquiries
		Michael Yonker		Chris Bright
		Pixelworks, Inc.		Pixelworks, Inc.
		Tel: (503) 454-4515		Tel: (503) 454-1770
		E-mail: myonker@pixelworks.com		E-mail: cbright@pixelworks.com
		Web site: www.pixelworks.com

Pixelworks Announces Resignation of Chief Financial Officer

     Tualatin, Ore., February 26, 2007 — Pixelworks, Inc. (NASDAQ:PXLW), an innovative provider of powerful video and pixel processing technology for advanced televisions and digital projectors, reported today that Mike Yonker, Vice President, Chief Financial Officer and Corporate Secretary and Treasurer, will resign from Pixelworks, effective March 31, 2007. Until that date he will remain in his current capacity to help with the company’s ongoing restructuring efforts and oversee the transition of his duties.

     As part of its previously announced restructuring plans to reduce costs and refocus its product offerings, the company continues to consolidate key leadership responsibilities and related business functions into fewer operating sites primarily located in Shanghai and San Jose. Rather than relocate, Mr. Yonker chose to pursue other business opportunities in Oregon. Accordingly, the company has begun a search for a new CFO to reside in San Jose which will include internal and external candidates.

     “As a valued member of our executive team for the past year, Mike has been a key contributor to our efforts to refocus and restructure Pixelworks’ strategy and operations,” said Hans Olsen, President and CEO of Pixelworks. “We sincerely thank Mike for his many contributions and wish him success in his new endeavor.”

About Pixelworks, Inc.

     Pixelworks, headquartered in Tualatin, Oregon, is an innovative provider of powerful video and pixel processing technology for manufacturers of advanced televisions and digital projectors. Pixelworks’ flexible design architecture enables our unique technology to produce outstanding image quality in our customers’ display products in a range of solutions including system-on-chip ICs, co-processor ICs and discrete chips. At design centers in Shanghai and

—more—

Pixelworks Announces Resignation of Chief Financial Officer
February 26, 2007
Page 2

San Jose, Pixelworks engineers relentlessly push pixel performance to new levels for leading manufacturers of consumer electronics and professional displays worldwide.

     For more information, please visit the company’s Web site at www.pixelworks.com.

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