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Tessera Technologies Announces Board Changes And CEO Transition

Stocks in this article: TSRA

Tessera Technologies, Inc. (NASDAQ:TSRA) ("Tessera" or the "Company") today announced changes to its Board of Directors (the "Board") and the commencement of a search for a new chief executive officer. The reconstituted Board will comprise experienced and independent directors with the skills and expertise to guide the Company through the next phase of its strategic plan, both in the Intellectual Property (IP) and DigitalOptics (DOC) businesses.

Richard S. Hill was appointed Chairman of the Board, effective immediately, replacing Robert J. Boehlke, who will remain on the Board until the upcoming annual meeting of stockholders on May 23, 2013. In addition, the Board will immediately begin a search for a new chief executive officer to replace Robert A. Young.

Also effective immediately, three new independent directors will join the Board: John Chenault, John H. F. Miner and Christopher A. Seams.

The Company intends to nominate a slate of six independent directors at the upcoming annual meeting of stockholders, including the three new directors and existing directors Richard S. Hill, David C. Nagel and Timothy J. Stultz.

“We continue to strengthen the Board, and each of our directors – both current and new – is fully committed to driving stockholder value at the Company,” said Hill. “The three new directors we are nominating for the Board are all accomplished business leaders, and we expect them to provide immediate and substantial benefits to the Company.

“Bob Boehlke and Bob Young have both made significant contributions in their years of service to the Company,” added Mr. Hill. “We would like to thank them for all that they have done for the Company.”

Biographies of the six highly qualified nominees for the Board follow:

John Chenault has held a number of increasingly senior roles at Novellus Systems, Inc., a semiconductor company, prior to his retirement in 2005, including most recently chief financial officer. Prior to that, he served as vice president of Corporate Development; vice president of Operation and Administration; executive vice president of Worldwide Sales and Service; and executive vice president of Business Operations. Mr. Chenault has been a director of Ultra Clean since June 2009. Mr. Chenault holds a bachelor of business degree in economics and a master’s degree in business administration from Western Illinois University.

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