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DSP Group Board Takes Actions Adopting Corporate Governance Best Practices

Stocks in this article: DSPG

SAN JOSE, Calif., May 28, 2013 (GLOBE NEWSWIRE) -- DSP Group ®, Inc. (Nasdaq:DSPG), a leading global provider of wireless chipset solutions for converged communications, today issued the following letter to its stockholders:

  • DSP Group Board Takes Actions Adopting Corporate Governance Best Practices
  • Current Board Nominees Best Positioned to Lead the Company Forward
  • Executing on a Clear Plan for Revenue Growth
  • Robust & Successful Turnaround Well Underway and Producing Results
  • Recommends All Stockholders to Vote the GOLD Proxy Card Today

Dear Fellow Stockholders,

We are writing to you to let you know that your Board has adopted today a number of actions to place the Company at the forefront of corporate governance best practices. These corporate governance initiatives include:

1. The election of a non-executive Chairman, Patrick Tanguy, a current independent director of the Board. He replaces Eliyahu Ayalon, who will remain as a member of the Board and will continue to 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.

Mr. Tanguy is a highly experienced executive who has demonstrated his leadership and contribution by utilizing astute business judgment and his extensive executive network throughout Europe and Asia including major service providers, mobile OEMs, and home automation and energy management companies. Mr. Tanguy is a Managing Director at Wendel Group, an investment firm that invests and assists sector-leading companies in their long-term development by focusing on operational performance and accountability. He joined Wendel Group in September 2007 and is a member of both the Investment and the Management Committees, and serves as a non-executive Director on various Wendel companies. Mr. Tanguy graduated from HEC in 1983 in Paris, and began his career at Bain & Co. in 1984 and was made partner in 1990. In 1991, he joined Strafor-Facom, where he was nominated as Director of Sales and Marketing of Steelcase Strafor and subsequently CEO of Airborne. He became CEO of DAFSA in 1993 and then President in 1996. Having acted as President of the "Courrier-Express" division of the Hays Group in France for a year, Mr. Tanguy assumed the Presidency of the Technal group in Toulouse from 1999 to 2004. Before joining Wendel in 2007, he acted first as President of the Monné-Decroix company in Toulouse and then of the Prezioso Technilor in Lyon.

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