Semtech's Chair Steps Down

Staff Reporter -- Electronic News, 8/28/2006

Citing the tech industry’s ongoing stock options scandal, Semtech Corp.'s John D. "Jack" Poe has stepped down as chairman of the board.  

Poe has also taken a leave of absence from the general board pending the conclusion of the current investigation of stock option practices. Poe informed the company that he was taking these actions in order to avoid even the appearance of a conflict of interest.

Semtech has been mired in stock options-related troubles for months. In June, the company received word from Nasdaq that its securities were subject to delisting because the company had not filed its Form 10-Q to the Securities and Exchange Commission (SEC) by the extended June 14 deadline.

In July, the company announced it would restate years of financial records, due to errors found by the special committee assembled to conduct the review in the dating of stock options. Semtech also said it had been served with three stockholder derivative lawsuits related to stock option practices.

Semtech has appointed Rockell N. Hankin to replace Poe as its chairman.

Hankin, 59, a director since 1988 and vice chairman of the board since 1998, serves on the company's audit and nominating committees. He is a private investor and a director of Sparta Inc. and two private companies. He is also the vice chair of the Kavli Foundation.