MANILA, Philippines -- Noted Filipino IT entrepreneur Diosdado Banatao has taken over the reins of American high-tech firm SiRF Technology, following the resignation of the company's CEO.

According to a report from GPS World, Banatao was announced interim president following the resignation of president and CEO Michael Canning.

Banatao, one of the investors in the company, also serves as executive chairman of SiRF Technology Holdings Inc.

SiRF specializes in personal navigation devices (PNDs) that make use of global positioning system or GPS technology.

According to the report, SiRF's stock price rose on the NASDAQ following the announcement of Banatao as interim president and CEO. The company, however, has been hit by the current economic slowdown in the US and mounting pressure due to the crowded PND market in the US.

Banatao, who is based in Silicon Valley in the United States, is also a managing partner at Tallwood Venture Capital, which invests in high-tech firms.

He has also founded several companies in the US including SonicBlue Inc. and Mostron, and has patented commonly used chip technologies including the first Windows graphical user interface (GUI) accelerator chip.

Banatao, who is originally from Cagayan province, graduated from Mapua Institute of Technology and holds a master?s degree in engineering from Stanford University.