Semtech Chairman Steps Down for Options Probe
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Semtech Corp., a Camarillo maker of semiconductors for cellphones, said Chairman John D. Poe had resigned and would take a leave of absence from the board until an investigation into stock-option practices was finished.
Rockell Hankin, 59, has replaced Poe as chairman, the company said.
“Mr. Poe informed the company that he was taking these actions in order to avoid even the appearance of a conflict of interest,” Semtech said.
Poe was Semtech’s chief executive from October 1985 to October 2003. Options given to employees during the last five years of that period were dated incorrectly, according to an earlier company statement, prompting the company to restate results.
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