STEC, Inc. (STEC) CEO Moshayedi to Step Down Filing Civil Complaint Resolution

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Go back to STEC, Inc. (STEC) CEO Moshayedi to Step Down Filing Civil Complaint Resolution

STEC FORM 8-K

On September 17, 2012, Manouch Moshayedi, the Chairman of the Board of Directors (the “Board”) of STEC, Inc. (the “Company”) 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