Vitesse (VTSS Quote) fired its CEO as a stock-option scandal took a new turn at the struggling chip company.
The Camarillo, Calif., company said CEO Louis Tomasetta and two other top execs were terminated as an internal probe of possible option backdating was expanded to cover general revenue recognition issues and quarter-end cash reporting. Shares fell 26%.
The company got a default notice from its lender but is in forbearance talks. Vitesse said it hired an investment bank to raise more scratch and has received some expressions of interest.
Vitesse, whose shares have lost more than half their value since the backdating question arose earlier this spring, named its acting chief, Christopher Gardner, as CEO. The company also named its interim finance chief, Shawn Hassel, chief financial officer. Hassel is from turnaround specialist Alvarez & Marsal. ...
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