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Marvell Technologies (MRVL) Completes Independent Review of Stock ...

Marvell Technologies Group Ltd. (Nasdaq: MRVL) announced that the special committee appointed by its Board of Directors (the "Special Committee") has completed its internal review relating to the Company's historical stock option practices and related accounting matters. The Special Committee found that the Company's Chief Executive Officer participated in only a few instances in grants with incorrect measurement dates. The Special Committee recommended that Dr. Sehat Sutardja remain as Chief Executive Officer 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 board's Governance Committee is commencing a search for three new independent directors to fill existing vacancies. The Company 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 Company in a significantly reduced role as the Director of Strategic Marketing and Business Development, a non-management position.