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Marvell co-founders step down as CEO, President
2016-04-05 15:41:00| Telecompaper Headlines
(Telecompaper) Marvell Technology announced the departure of CEO Sehat Sutardja and President Weili Dai from their management positions, effective immediately. Sutardja and his wife Dai are co-founders of the company, started in 1995. They will remain on the board of directors, with Sutardja continuing as Chairman. Marvell said it will set up an interim 'office of the CEO' to handle day-to-day operations until a new CEO is recruited. The announcement follows an investigation into certain accounting and sales practices at Marvell and a sharp downgrade in the company's sales outlook. The main outcome of the investigation by Marvell's audit committee was certain "tone at the top" issues, including significant pressure on sales and finance personnel to meet revenue targets. There was also confusion about assertions by Marvell's CEO that he initially owned the company's Final-Level Cache invention, even though this was later found to be entirely in the company's ownership.
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Category:Telecommunications