Chipmaker Marvell appoints Richard Hill chairman

(Reuters) - Chipmaker Marvell Technology Group Ltd has appointed Richard Hill its chairman, as part of an agreement it reached with activist hedge fund Starboard Value LP last week.

Marvell had reached an agreement with Starboard to add to its board three independent directors nominated by the hedge fund.

Hill, whose appointment came into effect on Sunday, is also among the four independent directors that Yahoo Inc agreed to add to its board last week under pressure from Starboard.

He is also on the board of software maker Autodesk Inc.

Starboard, which has been agitating for changes at Marvell since early this year, has a 6.5 percent stake in the chipmaker.

Peter Feld and Oleg Khaykin are the other two directors that Marvell added to its board.

(Reporting by Kshitiz Goliya in Bengaluru; Editing by Kirti Pandey)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• With smooth SpaceX debut, Wall Street sets new template for mega IPOs  
• SpaceX’s $2 trillion debut met with cheers, jeers and protest
• US Justice Department clears Paramount's acquisition of Warner Bros