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SAN JOSE, Calif., May 22, 2013 (GLOBE NEWSWIRE) -- DSP Group, Inc. (Nasdaq:DSPG), a leading global provider of wireless chipset solutions for converged communications, today announced a plan to declassify the Company's Board of Directors, from three classes of directors to a single class, beginning in 2014.
The Company also announced that as a move to improve corporate governance Eliyahu Ayalon has decided to resign as Chairman of the Board so that role can be filled by a director who qualifies as an independent director under NASDAQ rules. Mr. Ayalon will remain a member of the Board following his resignation as non-executive Chairman, which will become effective upon the election of his successor.
Patrick Tanguy, a current independent director of the Company, has agreed to replace Mr. Ayalon as non-executive Chairman, subject to his election to this role by the Board.
Mr. Ayalon will continue to serve as an active board member and contribute to the Company and management, leveraging his strong relationships with key customers and suppliers across East Asia and Europe, and in helping the Company retain and attract key engineering talent in Israel.
A special meeting of the company's Board of Directors will be scheduled promptly to consider the proposed declassification of the Company's Board of Directors beginning in 2014 and the election of Mr. Tanguy as non-executive Chairman of the Board. At this meeting, the Board will also consider the establishment of stock ownership policy for members of the Board of Directors and the Company's senior management, in accordance with the best practices of corporate governance.
Dr. Reuven Regev, Chairman of the Nomination & Corporate Governance Committee of the Board, stated, "These proposed actions demonstrate the extent of the Board's commitment to best-in-class corporate governance policies, and we believe these changes will be overwhelmingly endorsed by our Board of Directors."