SANTA CLARA, Calif.,
April 5, 2016 /PRNewswire/
-- Marvell Technology Group Ltd. (NASDAQ: MRVL), a global
leader in integrated silicon solutions, today announced the
departure of Chief Executive Officer Sehat
Sutardja and President Weili
Dai from their management positions, effective immediately.
Dr. Sutardja and Ms. Dai will remain on the Board of
Directors, with Dr. Sutardja continuing as Chairman. The
Board, in conjunction with a leading executive search firm, will
conduct a search for a new CEO and President.
The Board has formed an Interim Office of the Chief Executive to
oversee day-to-day leadership of the Company's operations.
The Interim Office of the Chief Executive will be headed by
Ms. Maya Strelar-Migotti, Executive Vice President, Smart Networked
Devices and Solutions (SNDS) Business Group and Dr. Pantelis
Alexopoulos, Executive Vice President of the Storage Business
Group, as Interim Co-Chief Executive Officers. Each has the
authority to exercise all powers of the Chief Executive
Officer.
The other members of the Interim Office of the Chief Executive
include Dr. Zining Wu, Chief
Technology Officer; Mr. David
Eichler, Interim Chief Financial Officer; Mr. Tom Savage, Senior Vice President and General
Counsel; and Mr. William Valle, Vice
President, Global Human Resources.
Arturo Krueger, Marvell's lead
outside director, said, "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. The
Company's highest priority is to leverage Marvell's strong core
business and technology to drive the next stage of product
innovation and profitable growth. The Board has full
confidence in the proven ability of Maya and Pantelis, together
with the other members of the Interim Office of the Chief Executive
and all of Marvell's employees, to continue providing world-class
research and development and customer support during this time of
transition. We look forward to demonstrating our continuing
commitment to excellence in our products and service, as well as to
creating value for our shareholders."
On February 22, 2016, the Audit
Committee approved the engagement of Deloitte & Touche LLP as
the Company's new independent public accounting firm. On
March 1, 2016, the Company reported
the results of the Audit Committee's independent investigation of
certain accounting and internal control matters. With these
two key matters completed, the Company is working diligently to
complete the preparation and filing of its Annual Report on Form
10-K for fiscal 2016 and its Quarterly Reports on Form 10-Q for the
second and third quarters of fiscal 2016 as soon as practicable.
As previously announced, a search for a permanent Chief
Financial Officer and additional independent board members is
underway with the assistance of an international executive search
firm.
Forward-Looking Statements under the Private Securities
Litigation Reform Act of 1995
This press release
contains forward-looking statements within the meaning of the
federal securities laws that involve risks and uncertainties. Words
such as "anticipates," "expects," "intends," "plans," "believes,"
"seeks," "estimates," "can," "will" and similar expressions
identify such forward-looking statements. These statements
are not guarantees of results and should not be considered as an
indication of future activity or future performance. Actual events
or results may differ materially from those described in this press
release due to a number of risks and uncertainties, including,
among others: the interim performance of Interim Office of the
Chief Executive; Marvell's ability to recruit new executive
leadership in a timely manner and, if they are recruited, their
performance, the timing of Marvell's regaining of compliance with
its SEC reporting obligations, any matters arising out of the
review and audit of Marvell's financial statements by Marvell's new
independent registered public accounting firm, the results of
further review by the Audit Committee of certain matters that came
to the Audit Committee's attention during the course of its
now-completed investigation, adverse impact of litigation or
regulatory activities, and other risks detailed in Marvell's SEC
filings from time to time. For other factors that could cause
Marvell's results to vary from expectations, please see the risk
factors identified in the Marvell's latest Annual Report on Form
10-K for the year ended January 31,
2015 and its latest Quarterly Report on Form 10-Q for the
quarter ended May 2, 2015 as filed
with the SEC, and other factors detailed from time to time in
Marvell's filings with the SEC. Marvell undertakes no obligation to
revise or update publicly any forward-looking statements.
About Marvell
Marvell (NASDAQ: MRVL) is a
global leader in providing complete silicon solutions and Kinoma
software enabling the "Smart Life and Smart Lifestyle." From
storage to Internet of Things (IoT), cloud infrastructure, digital
entertainment and in-home content delivery, Marvell's diverse
product portfolio aligns complete platform designs with
industry-leading performance, security, reliability and efficiency.
At the core of the world's most powerful consumer, network and
enterprise systems, Marvell empowers partners and their customers
to always stand at the forefront of innovation, performance and
mass appeal. By providing people around the world with mobility and
ease of access to services adding value to their social, private
and work lives, Marvell is committed to enhancing the human
experience.
As used in this release, the term "Marvell" refers to Marvell
Technology Group Ltd. and its subsidiaries. For more information,
please visit www.Marvell.com.
Marvell, the M logo, ARMADA, Avastar and Kinoma are registered
trademarks of Marvell and/or its affiliates. Other names and brands
may be claimed as the property of others.
For further
information, contact:
|
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John Spencer
Ahn
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Sue Kim
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Investor
Relations
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Media
Relations
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408-222-7544
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408-222-1942
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johnahn@marvell.com
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suekim@marvell.com
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SOURCE Marvell Technology Group Ltd.