Marvell Tech finds options abuses

Marvell Technology Group Ltd. on Monday said its chief financial officer resigned as part of a management shakeup after the board found a pattern of abuse in the granting of stock options.

CFO George Hervey resigned and the board urged Chief Executive Sehat Sutardja to give up the chairman's post. In addition, co-founder Weili Dai will relinquish her positions as executive vice president, chief operating officer and a director and take a lesser role at Marvell.

Dai and Sutardja both agreed to nullify millions of options that had been awarded to them. Sutardja would cancel options for 2 million shares and Dai 1.5 million.

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- Posted: 2007-05-07 10:13:14

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