Wednesday, October 17, 2007
Vitesse Loses Board Member
Embattled, Camarillo-based chip firm Vitesse Semiconductor said late Wednesday afternoon that Alex Daly has resigned from the firm's board of directors. The company, which has been under pressure from investors to remove Daly, said that it has retained an executive search firm to find directors for the company. Daly had been a director of the firm since 1998. Vitesse, which develops chips used in storage networking and communications systems, has been struggling since early 2006 due to an accounting restatement, stock options investigation, stock delisting, and executive turnovers.