After a bitter and contentious proxy fight, shareholders of Cypress Semiconductor Corp. voted Tuesday (June 20) to elect two board members proposed by founder and longtime T.J. Rodgers to the company's board of directors.
Eric Benhamou, whom Rodgers blamed for not recognizing or correcting what Rodgers called a conflict of interest involving former chairman Ray Bingham, failed to win re-election. Bingham abruptly resigned from Cyrpess's board earlier this month, citing the ongoing proxy fight with Rodgers, who remains the largest individual stockholder in Cypress.
Camillo Martino and J. Daniel McCranie, both nominated by Rodgers, will join re-elected Cypress board members W. Steve Albrecht, Hassane El-Khoury, Oh Chul Kwon, Wilbert van den Hoek and Michael Wishart, Cypress said in a statement.
Rodgers, who founded Cypress in 1982, filed suit against his former company earlier this year, alleging conflict of interest by Bingham for his ties to Canyon Bridge Partners, an equity investment firm backed by the Chinese government that is in the process of acquiring Lattice Semiconductor Corp. Cypress had previously considered an acquisition of Lattice.
According to CypressFirst, a shareholder organization set up by Rodgers to support his campain to replace Bingham and Benhamou on the Cypress board, preliminary estimates indicate that Martino and McCranie each received more than 148 million votes, while Benhamou received about 60 million.
"We are grateful to Cypress stockholders for their support of our two candidates," Rodgers said in a statement. "I can now get back full-time to my work on innovative technologies for the IoT and in alternative energy and let the Cypress directors do their work."
In a separate statement, Cypress welcomed Martino and McCranie to the board. "“We appreciate the feedback we received from our stockholders and want to welcome Dan and Camillo to the board," the statement read. "We look forward to working collaboratively with them to keep our Cypress 3.0 strategy moving forward and create additional stockholder value."
Cypress also thanked Benhamou for his years of service to the company.
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