Clyde Hosein will leave San Jose chip maker Integrated Device Technology June 13 where he has served as chief financial officer since 2003 to take up the same position at Marvell Technology Group on June 23, according to SEC filings Friday. Hosein will get a nice bump in pay, with his yearly salary rising to $450,000, up from the$295,683 he got at IDT in fiscal 2007. He also receives a signing bonus of $350,000, an option grant good for 450,000 Marvell shares that vests over five year and a performance-based stock award for 200,000 shares. Read the rest of this entry »
Altera, the San Jose maker of programmable semiconductors, revealed in a regulatory filing Friday that it entered into a contract on May 2 to buy back shares under the terms of a plan drawn up under S.E.C. Rule 10b5-1 that “covers the period from June 2, 2008 to July 18, 2008, unless the Plan is earlier terminated.”
Under the plan, the company could buy back up to $100 million worth of its own stock, or 7
million shares, whichever is lower. Altera shares closed Friday at $23.14, up nearly 20
percent so far this year. At that price the company could buy about 4.3 million shares. Its
share price would have to fall to around $14.30 if Altera were to be able to buy back 7
million of them.
Conceptus, the Mountain View medical device company that makes a permanent birth control system, reported in a filing with the SEC that Darrin Uekcer, its executive vice president for operations, research and development resigned as of yesterday so he could “pursue another start up opportunity.” He had announced his plan to the company ten days earlier. Read the rest of this entry »
Here’s the latest in the ongoing saga at PDL BioPharma. The company “eliminated” the position of interim chief executive officer Wednesday. “As a result” the company reported in a filing with the SEC late on Thursday “”L. Patrick Gage’s tenure in that position terminated” the same day. He also resigned from the company’s board “due to differences of opinion among the Board members over the prioritization of PDL’s objectives.” That same day board chair Karen Dawes resigned “for personal reasons.” Read the rest of this entry »
My column this Sunday will ask that question. I’ve got a few ideas of my own. But I’d like to hear yours. Please post them below and I’ll use them in a future column.
In the meantime, there was a lot of focus this week on the candidates and Silicon Valley. Read the rest of this entry »
Zilog’s latest suitor appears to have lost interest. A day after the San Jose chip maker set a May 30 date for its formal response to IXYS’s offer to buy the company for $4.50 a share, the Milpitas maker of power-supply semiconductors said in a filing it had lowered its stake in Zilog to below 5 percent. Read the rest of this entry »
On the eve of a potentially contentious shareholder meeting, Rackable Systems said its management spotted an error in its previously published financial report for its fiscal 2008 second quarter, which “should no longer be relied on.” It turns out that after reviewing various account reconciliations, the company was less unprofitable than previously reported. Read the rest of this entry »
Brocade Communications said in a filing Tuesday that it has bought three parcels near where North First Street and Highway 237 meet in San Jose for $50.9 million. The deal, reportedly in the works since April, also involves a development deal with a subsidiary of the seller to construct three buildings on the properties worth $173 million. Brocade also took a four-year option to buy an additional 4 acre-parcel for $26 million. Brocade’s lease on its current headquarters at 1745 Technology Drive in San Jose (pictured) expires at the end of August 2010. Read the rest of this entry »
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