Executive Board Chairman Resigns Amid Cypress Proxy Fight
The executive chairman of the Cypress Semiconductor Corp. board has resigned amid allegations linking him to one of the company's top competitors, a move that sets up the possibility of total victory for the firm's founder and former chief executive in a heated proxy fight that has spilled into the Delaware Court of Chancery.
June 13, 2017 at 07:08 PM
4 minute read
The executive chairman of the Cypress Semiconductor Corp. board has resigned amid allegations linking him to one of the company's top competitors, a move that sets up the possibility of total victory for the firm's founder and former chief executive in a heated proxy fight that has spilled into the Delaware Court of Chancery.
Cypress announced Monday that H. Raymond Bingham had stepped down as head of the company's board. Eric Benhamou also resigned as lead independent director, though he will remain on the board and stand for election, Cypress said.
The reshuffle came less than two weeks after the Court of Chancery delayed director elections until the company made additional disclosures regarding alleged conflicts of interest on its board. And it gives T.J. Rodgers—Cypress' ex-CEO—the chance to cap two legal victories with the corporate goals he had hoped to achieve after leaving the company last year.
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