The chairman of KLA-Tencor Corp. retired Tuesday with a less valuable stock-option package, becoming the latest insider swept up in the computer chip supplier’s efforts to clean up an accounting mess expected to cost up to $400 million.
Kenneth Levy, who founded the company, decided to step down from the board late Monday after KLA acknowledged it is among dozens of companies nationwide to have improperly booked employee stock options for several years. Levy, 64, will be replaced as non-executive chairman by Edward Barnholt, 63, a member of KLA’s board since 1995.
