Semiconductor company DSP Group (DSP) Wednesday said Eliyahu Ayalon has decided to resign as Chairman of the Board so that the role can be filled by a director who qualifies as an independent director under NASDAQ rules. Patrick Tanguy, a current independent director, has agreed to replace Ayalon as non-executive Chairman, added the firm. Ayalon is however expected to remain a member of the Board post his resignation, which is expected to become effective upon the election of his successor.
The company further announced plans to declassify its Board of Directors, from three classes of Directors to a single class, beginning in 2014.
A special meeting of the Board of Directors is expected to be scheduled promptly to consider the proposed declassification and the election of Mr. Tanguy. At this meeting, the Board is also expected to consider the establishment of stock ownership policy for members of the Board of Directors and the company's senior management, in accordance with the best practices of corporate governance.
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