Marvell’s co-founding execs step down
The board of directors has formed an interim office of the chief executive to lead the company until replacements are appointed. However, Sutardja and Dai will remain on the board of directors and Sutardja will retain his role as chairman of the company.
One potential trigger for the departures appears to have been notice received from The Nasdaq Stock Market LLC on April 4 that said that Marvell’s delayed filing of its Form 10-K for fiscal 2016 is an additional basis for delisting Marvell’s securities from the stock market. Marvell is scheduled for a hearing before a listings panel on April 14, 2016.
The interim office is head by Maya Strelar-Migotti, executive vice president of the smart networked devices and solutions (SNDS) business group and and Pantelis Alexopoulos, executive vice president of the storage business group. Other members include CTO Zining Wu, interim CFO David Eichler, general counsel Tom Savage and William Valle, who is responsible for human resources.
Arturo Krueger, an independent non-executive board member at Marvell, commented: “The board would like to thank Sehat and Weili for their enormous contributions and service since they founded Marvell in 1995. Marvell has revolutionized the world through its innovative technology and breakthrough designs in the semiconductor industry. However, the board believes that the time has come to move in a new leadership direction.”
Marvell said that the company is working to complete its quarterly reports for the second and third quarters of fiscal 2016 and its annual report for fiscal 2016, as soon as possible.
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