Tessera chair Hill to be interim CEO
Tessera chair Hill to be interim CEO as Young steps down to 'avoid further distraction'
SAN JOSE, Calif. (AP) -- Tessera Technologies Inc. said Monday that its board of directors named Executive Chairman Richard Hill to be interim chief executive officer while a search is conducted for a replacement for former CEO Robert Young.
The company, which licenses miniaturization technology for electronic devices, noted that on March 25 it announced it was looking for a new CEO.
Young said Monday in a statement that he had decided to step down "to avoid further distraction for Tessera." Young also resigned from the board.
Young's departure comes about six months after the board said it changed his compensation package in order to motivate him to spin off a portion of the company.
That was followed in December by a notice from Starboard Value and Opportunity Master Fund Ltd., which owns 7 percent of the company's shares, that it would nominate seven new board members. The notice sparked a nasty proxy fight between Starboard and the board and the resignation of two board members in March.
Tessera shares fell 56 cents, or 2.9 percent, to close at $19.08 in a declining market.
