We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 News Articles

Atmel sacks four executives

Founder gets boot over travel funds

US chip maker Atmel has fired four executives, including its founder, chairman and chief executive officer, after an investigation into alleged misuse of corporate travel funds, the company said yesterday.

George Perlegos, who founded the company in 1984 in San Jose, California, was stripped of his numerous titles, including chairman and CEO, while his brother, Gust Perlegos, an executive vice president, was also released by the company.

The two Perlegos brothers have also been asked to resign from the board of directors.

In addition, Atmel dismissed its vice president and general consul, as well as the vice president of planning and information technology, the company said.

None of the four former executives could be reached immediately for comments. The company's stock rose 4.7 percent to the day the news was announced.

Steven Laub, a director at Atmel, took over as president and CEO, while David Sugishita, was appointed the new non-executive chairman of the board, and Tsung-Ching Wu was made the new executive vice president. The other positions remained unfilled.

The decision to release the four executives is unrelated to the start last month of an investigation into the timing of past stock options grants, Atmel said.

The company, which makes chips for smart cards, wireless VoIP (voice over Internet Protocol) handsets and a range of other devices, employs 8,000 people worldwide and had $1.68bn in sales last year.


IDG UK Sites

How to get a free EE Power Bar: Mobile and broadband customers eligible for free smartphone charger

IDG UK Sites

Why Netflix won't terminate your account for using a VPN, probably

IDG UK Sites

Forever 21 denies pirating Adobe, Autodesk and Corel software, accuses companies of 'bullying'

IDG UK Sites

New Apple TV 2015 release date rumours: Apple's WWDC invite shows Apple TV