News Article
Avago announces three resignations from its board of directors
The departures are due to a re-organisation of the board resulting from the recent secondary offerings of the firm’s ordinary shares by its sponsor shareholders. The board has decided not to fill the vacancies created by their resignations.
Avago, a supplier of analogue interface components for communications, industrial and consumer applications, has announced that James A. Davidson, David M. Kerko and Bock Seng Tan have tendered their resignations from its board of directors, which was effective March 9, 2011.
The departure of these directors is due to a re-organisation of the Board resulting from the recent secondary offerings of the firm’s ordinary shares by its sponsor shareholders.
Davidson and Kerko were director designees of Silver Lake and KKR, respectively, and Bock Seng Tan was originally the director designee of Seletar Investments.
Following the sale of Avago ordinary shares in a secondary offering in February 2011, under the terms of Avago’s Second Amended and Restated Shareholder Agreement, Silver Lake and KKR are each currently entitled to designate only one member to the Board. Seletar ceased to be entitled to designate a member to the Board following its sale of Avago ordinary shares in a secondary offering in December 2010.
Davidson, Kerko and Bock Seng Tan were nominated for re-election to the Board at the Company’s upcoming Annual General Meeting of Shareholders (the “AGM”), scheduled to take place on March 30, 2011. However, in connection with their resignations from the Board, each of them has withdrawn as a candidate for re-election as a director at the 2011 AGM. The Board has decided not to fill the vacancies created by their resignations.
“Jim, Bock Seng and David have served Avago well as directors during their tenure on our Board, and I thank them for their valuable contributions to the Company,” said Hock Tan, President CEO of Avago.
