STEC, Inc. (STEC) CEO Moshayedi to Step Down Filing Civil Complaint Resolution
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On September 17, 2012, Manouch Moshayedi, the Chairman of the Board of Directors of STEC, Inc. (Nasdaq: STEC) and Chief Executive Officer of the Company, notified the Board that he is stepping down from his positions as Chairman and Chief Executive Officer pending resolution of a civil complaint filed against him by the Securities and Exchange Commission on July 19, 2012 (the “SEC Litigation”). Manouch Moshayedi will remain with the Company, assuming the title of founder and continuing to serve as a member of the Board.
On September 17, 2012, the Board elected Mark Moshayedi, currently the President, Chief Operating Officer and Chief Technical Officer of the Company and a member of the Board, to succeed Manouch Moshayedi as interim Chief Executive Officer. Mark Moshayedi will also continue in his capacity as President. His current annual compensation will not change.
The Board also elected Kevin C. Daly, Ph.D., presently the Board’s lead independent director, to the position of interim Chairman of the Board. Dr. Daly will be compensated for his service as Chairman of the Board in accordance with the Company’s non-employee director compensation policies and practices.
These management changes are effective September 18, 2012 and the Board will decide the interim nature of the changes upon the resolution of the SEC Litigation.
Mark Moshayedi, 50, has served as a director of the Company since March 1992, its Chief Operating Officer and Chief Technical Officer since January 1995, and its President since March 2007. From June 1994 to December 1994, Mark Moshayedi served as the Company’s President of Research and Development. From March 1992 to May 1994, Mark Moshayedi held various positions with STEC, including Senior Vice President. Mark Moshayedi also served as the Company’s Secretary from January 1995 through March 2012. Mark Moshayedi is the brother of Manouch Moshayedi. Mark Moshayedi was not selected as Chief Executive Officer pursuant to any arrangement or understanding with any other person.
On September 17, 2012, the Board elected Mark Moshayedi, currently the President, Chief Operating Officer and Chief Technical Officer of the Company and a member of the Board, to succeed Manouch Moshayedi as interim Chief Executive Officer. Mark Moshayedi will also continue in his capacity as President. His current annual compensation will not change.
The Board also elected Kevin C. Daly, Ph.D., presently the Board’s lead independent director, to the position of interim Chairman of the Board. Dr. Daly will be compensated for his service as Chairman of the Board in accordance with the Company’s non-employee director compensation policies and practices.
These management changes are effective September 18, 2012 and the Board will decide the interim nature of the changes upon the resolution of the SEC Litigation.
Mark Moshayedi, 50, has served as a director of the Company since March 1992, its Chief Operating Officer and Chief Technical Officer since January 1995, and its President since March 2007. From June 1994 to December 1994, Mark Moshayedi served as the Company’s President of Research and Development. From March 1992 to May 1994, Mark Moshayedi held various positions with STEC, including Senior Vice President. Mark Moshayedi also served as the Company’s Secretary from January 1995 through March 2012. Mark Moshayedi is the brother of Manouch Moshayedi. Mark Moshayedi was not selected as Chief Executive Officer pursuant to any arrangement or understanding with any other person.
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