Cypress Semiconductor Executive Chairman Ray Bingham steps down
Cypress Semiconductor announced that Executive Chairman Ray Bingham has tendered his resignation as Executive Chairman and is stepping down from the board of Directors. He also notified the board that he was declining to stand for re-election at the Annual Meeting. The board has accepted his decision. In addition, Eric Benhamou has stepped down as Lead Independent Director. He will remain on the board. In response to these developments, the board has appointed current independent director W. Steve Albrecht as its new Chairman. As a world-renowned expert in the field of corporate governance, the board unanimously decided that Steve is the right person for the job. Finally, the independent members of the Cypress board decided, given CEO Hassane El-Khoury's superior performance, there is no longer a need for the Executive Chairman role. All of these changes are effective immediately.