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ISS backs both of former Cypress CEO's board nominees
June 6, 2017 / 2:18 PM / 6 months ago

ISS backs both of former Cypress CEO's board nominees

(Reuters) - Proxy advisory firm Institutional Shareholder Services Inc recommended on Tuesday that Cypress Semiconductor Corp (CY.O) shareholders vote for both board nominees put forward by the company’s founder and former CEO T.J. Rodgers.

FILE PHOTO: Cypress Semiconductor Corporation Chief Executive Officer T.J. Rodgers speaks at the Reuters Semiconductor Industry Summit in San Francisco, California, November 3, 2005. REUTERS/Kimberly White

The recommendation is a blow to Cypress executive chairman Ray Bingham, which ISS had previously recommended keeping, urging shareholders to withhold their support only for the company’s lead independent director, Eric Benhamou.

However, ISS changed its recommendation to replacing both Bingham and Benhamou following new disclosures made by the company with regard to Bingham’s participation in a U.S. private equity fund with Chinese state funding.

A Delaware judge last week delayed Cypress’ annual meeting, where shareholders will vote on the company’s board nominees, to June 20.

(This story corrects date of annual meeting to June 20 from June 19)

Reporting by Michael Flaherty in New York; Editing by Chizu Nomiyama

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