Marvell dumps founding spouses
Marvell Technology dumped its founding spouses, CEO Sehat Sutardja and president Weili Dai.
Bloomberg reports an internal investigation criticized the "tone at the top," with the pair pressuring sales staff over targets.
The move followed activist investor Starboard Value buying 6.7 per cent of the company. Starboard took to Marvell the same approach it's taken with companies like Yahoo! and Quantum, demanding changes to the executives and divestment of underperforming operations.
Kohlberg Kravis Roberts had also bought into Marvell and also wanted changes at the top.
Maya Strelar-Migotti, currently executive veep of networked services at Marvell, and Pantelis Alexopoulos, EVP of its storage business, will alternate in the CEO role while the board conducts an executive search.
Sutardja will remain chairman of the board.
Bloomberg reports the company is willing to entertain takeover bids. ®