SAN JOSE -- Semiconductor company Integrated Device Technology announced Tuesday that Greg Waters will take its reins as president and CEO in the new year.

Waters replaces interim CEO Jeff McCreary, who has helmed the company since the sudden departure of Tom Tewksbury in August, part of a wave of CEO changes in Silicon Valley during the summer months. McCreary will return to his post on the company's board of directors when Waters takes over on Jan. 6.

"Greg is a proven semiconductor industry leader who has demonstrated his ability to successfully transform teams, products and businesses to achieve customer and shareholder value. We look forward to his doing the same again for IDT," board chairman John Schofield said in Tuesday's news release.

Waters started his career at Texas Instruments, where McCreary also made his name. Since leaving TI, Waters has worked as an executive at Agere Systems, which eventually became part of San Jose chipmaker LSI, and most recently Santa Clara-based Skyworks, where he was an executive vice president.

"I'm very honored and excited to join the IDT team," Waters said in the announcement. "It is a great opportunity and an ideal time for IDT to build on its current market leadership positions and to excel in taking the lead in key growth markets."

IDT stock, which took a hit after Tewksbury's departure, has regained those losses and closed with a 1.6 percent gain at $10.37 Tuesday; the announcement arrived after markets closed. The San Jose company was the 77th largest Silicon Valley technology company in terms of 2012 revenues, clocking sales just short of $500 million.

Contact Jeremy C. Owens at 408-920-5876. Follow him at Twitter.com/jowens510.