Tessera Technologies names another interim CEO

Tessera names Lacey to serve as interim CEO as part of settlement deal with Starboard

Associated Press

SAN JOSE, Calif. (AP) -- Tessera Technologies Inc. has named its second interim CEO in a span of less than two months.

The company, which licenses miniaturization technology for electronic devices, said Thursday that board member Thomas Lacey will take over as CEO, which is part of a previously announced agreement with a minority shareholder.

Lacey takes over for Richard Hill, who became CEO in mid-April. Hill is returning to his role of non-executive chair.

The shake-up in the executive office comes after Starboard Value and Opportunity Master Fund Ltd. filed notice in December that it would nominate seven new board members. Starboard owns 7 percent of the company's shares.

That sparked a proxy fight between Starboard and the board. Two board members stepped down in March and former CEO Robert Young left the company after the board changed his compensation package, saying it wanted to motivate him to spin off a portion of the company.

Tessera is still looking for a permanent CEO.

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