SAN JOSE, Calif., June 11, 2013 (GLOBE NEWSWIRE) -- DSP Group ®, Inc. (Nasdaq:DSPG), a leading global provider of wireless chipset solutions for converged communications, announced today that, based on preliminary estimates of voting results from the Company's 2013 Annual Meeting held yesterday, stockholders elected four directors to DSP Group's Board of Directors. Two of the four elected directors were recommended by the Company, Dr. Reuven Regev and Gabi Seligsohn, and two of the elected directors, Norman Rice III and Norman Taffe, were nominated by Starboard Value LP, our second largest stockholder. These four independent directors are expected to be seated following the certification of the voting results. In addition to the election of four directors, the stockholders also approved four of the Company's other proposals.
Patrick Tanguy, non-executive Chairman of DSP Group, stated, "We are grateful to our stockholders for supporting the election of Dr. Regev and Mr. Seligsohn, we welcome Norman Rice and Norman Taffe to DSP Group, and look forward to working collaboratively with them as directors to enhance value for all stockholders." Mr. Tanguy also stated, "On behalf of the Company and its Board of Directors, I would like to thank Eli Ayalon, who led our Company for the last 17 years and Zvi Limon, a key contributor to the Company and the Board during the past 14 years, for their leadership, outstanding contributions and many years of service to the Company and its stockholders."
Jeffrey C. Smith, Managing Member, Chief Executive Officer and Chief Investment Officer of Starboard Value LP, stated, "On behalf of Starboard, I would like to express our sincere gratitude to our fellow DSP Group stockholders for their support. We believe the Company has strong products which drive cash flow to support interesting and exciting technologies. The continued strength of the management team and Board should help to create value from these opportunities. Norman Rice and Norman Taffe are highly qualified, capable, and ready to serve stockholders to the best of their ability. They will help make DSP Group a stronger, and ultimately, more valuable company over the long term."