Marvell Interim Financial Chief Exits - TheStreet

Marvell Interim Financial Chief Exits

The chipmaker hasn't named any replacements in finance.
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Marvell Technology

(MRVL) - Get Report

executive is headed for the door, marking the latest twist in an intriguing drama that has rocked the company's top ranks.

The chipmaker announced Tuesday that Mike Tate, the interim CFO who got the job while the company grappled with a

contentious investigation into stock option backdating, is resigning, even though Marvell has yet to appoint a permanent finance chief.

Odder still, the company doesn't appear to have anyone in charge of finances -- even in a temporary role -- in the wake of the resignation.

Shares of Marvell were off 2 cents at $18.45 in extended trading Tuesday.

A representative from Marvell wasn't immediately available for comment.

In its announcement Tuesday, Marvell cast Tate's exit as a natural one following the company's recent filing of several quarters' worth of missing financial reports.

Tate agreed earlier this year to stay on to see the company through the complex phase of filing the delayed financial reports, Marvell said. With the job now complete, Tate has fulfilled his mission.

"We appreciate Mike's hard work during this very difficult time," Marvell CEO Sehat Sutardja said in a statement. "He enabled us to complete the filing of our delayed reports, to the benefit of shareholders, customers and employees alike."

The company has restated $327.4 million in noncash expenses to account for stock option backdating between 2000 and 2006.

Tate was appointed to the interim post in May after the

backdating investigation resulted in the resignation of CFO George Hervey, the firing of general counsel Matthew Gloss and the demotion of founder and COO Weili Dai.

But Tate had been an executive with Marvell for many years before taking the interim CFO job, serving as Marvell's treasurer and corporate controller. It's unclear why he would not simply return to his previous role.

And while Marvell said it is aggressively searching to hire a permanent CFO, the company did not even mention who will act as interim CFO following Tate's departure on July 13.