Candidates Backed by Ex-CEO Elected to Cypress Board
Stockholders in Cypress Semiconductor Corp. voted Tuesday to install two directors backed by the firm's founder and former chief executive in a bitter proxy fight that spawned two lawsuits in the Delaware Court of Chancery.
June 21, 2017 at 01:57 PM
3 minute read
Stockholders in Cypress Semiconductor Corp. voted Tuesday to install two directors backed by the firm's founder and former chief executive in a bitter proxy fight that spawned two lawsuits in the Delaware Court of Chancery.
The election of J. Daniel McCranie and Camillo Martino to the Cypress board was a victory for T.J. Rodgers in his bid to regain influence in the company he founded in 1982. Rodgers, who left Cypress last year, had aimed to oust executive chairman H. Raymond Bingham and the company's independent director, accusing the men of Bingham's conflicts with a top Cypress competitor.
Bingham abruptly resigned June 11, less than two weeks after Chancellor Andre G. Bouchard ordered additional disclosures regarding his involvement with Canyon Bridge Capital Partners, which competes directly with Cypress in the semiconductor mergers and acquisitions sector. Eric Benhamou also stepped down as lead independent director, though he still stood for election at Cypress' annual stockholder meeting on Tuesday.
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