Marvell Technology Inc (MRVL)

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MRVL Marvell completes independent review of stock option practices; CEO participated in only a few instances in grants with incorrect measurement dates (17.60 )

Co announces that the special committee appointed by its Board of Directors has completed its internal review relating to the co's historical stock option practices and related accounting matters. The Special Committee found that the co's CEO participated in only a few instances in grants with incorrect measurement dates. The Special Committee recommended that Dr. Sehat Sutardja remain as CEO and as a member of the Board of Directors, but step down as Chairman of the Board in favor of a non-executive Chairman of the Board. The co also announced that Weili Dai, Marvell's co-founder, Executive Vice President and Chief Operating Officer and member of the Board of Directors, will no longer serve as Executive Vice President, Chief Operating Officer and director, but will continue with the co in a significantly reduced role as the Director of Strategic Marketing and Business Development, a non-mgmt position. The co also announced that it had accepted the resignation of George Hervey, the it's Chief Financial Officer. The co has appointed Mike Tate, its Corporate Controller and Treasurer, to serve as interim CFO.