Power Integrations gives pass ethics pass to new director

power-integrationsPower Integrations, the San Jose maker of power management chips, named William George to its board of directors this week, but to do so the board had to grant him a waiver with respect to the company’s own “Code of Business Conduct and Ethics.”

George comes to the board holding both options and stock with his previous employer, ON Semiconductor, a 1999 sping off from Motorola and a competitor to Power Integrations.

The board granted the waiver, it said, because George “no longer possess any role at the competitor and the competitor’s business unit which competes with Power Integrations “comprises a minor portion of the business of such competition.” OK, we think we understand.

George directed worlwide operations for ON Semiconductor from its founding in 1999 until June 2007. From 2007 through his retirement last year, he directed the startup of ON Semiconductor”s foundry services business.

As of March 2008, George owned nearly 82,000 shares of ON Semiconductor, according to a regulatory filing. Why continues to hold options on the stock, we’re not sure since he left the company Sept. 5, more than six months ago. Typically, departing employees have 90 days after they leave during which to exercise any stock options they still hold.

 

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