SAN JOSE, Calif., June 20, 2017 /PRNewswire/ -- Cypress
Semiconductor Corporation ("Cypress" or "the Company") (NASDAQ: CY)
today announced that, according to preliminary voting tabulations,
stockholders have elected Camillo
Martino and J. Daniel
McCranie to the Company's Board of Directors. Mr.
Martino and Mr. McCranie join re-elected Cypress Board members
W. Steve Albrecht, Hassane El-Khoury, Oh Chul Kwon, Wilbert van den Hoek and Michael Wishart.
Cypress issued the following statement regarding the preliminary
voting results:
"We appreciate the feedback we received from our stockholders
and want to welcome Dan and Camillo to the Board. We look
forward to working collaboratively with them to keep our Cypress
3.0 strategy moving forward and create additional stockholder
value.
"Over the past several months, we have had the opportunity to
speak with many of our stockholders about Cypress' strong
performance since the CEO change and our positive outlook, as well
as hear their concerns over the Company's corporate
governance. We have taken those corporate governance issues
to heart and are committed to doing better and believe the recent
appointment of Steve Albrecht as our
Chairman is an important step in that direction.
"We also want to thank Eric
Benhamou for his many contributions during his years of
service to Cypress, and we wish him continued success."
In addition, according to preliminary voting tabulations, the
Company's stockholders also took the following actions at the 2017
Annual Meeting:
- Ratified the selection of PricewaterhouseCoopers LLP as
Cypress' independent registered public accounting firm for
2017.
- Approved, via an advisory vote, the compensation of Cypress'
named executive officers (the "Say-on-Pay Vote").
- Approved, via an advisory vote, that the frequency of the
Say-on-Pay Vote would be annual.
- Approved the Amendment and Restatement of the 2013 Stock
Plan.
The vote is subject to certification by IVS Associates, Inc.,
the independent Inspector of Elections. Further details
regarding the results of the 2017 Annual Meeting will be contained
in a Current Report on Form 8-K that Cypress will be filing with
the Securities and Exchange Commission (SEC). This filing
will be available at no charge at the SEC's website at
www.sec.gov.
About Cypress
Cypress is a leader in advanced embedded
system solutions for the world's most innovative automotive,
industrial, home automation and appliances, consumer electronics
and medical products. Cypress' programmable systems-on-chip,
general-purpose microcontrollers, analog ICs, wireless and
USB-based connectivity solutions and reliable, high-performance
memories help engineers design differentiated products and get them
to market first. Cypress is committed to providing customers
with support and engineering resources that enable innovators and
out-of-the-box thinkers to disrupt markets and create new product
categories. To learn more, go to www.cypress.com.
Forward-Looking Statements
Statements herein that are
not historical facts and that refer to Cypress or its subsidiaries'
plans and expectations for the future are forward-looking
statements made pursuant to the Private Securities Litigation
Reform Act of 1995. We may use words such as "may," "should,"
"expect," "plan," "intend," "anticipate," "believe," "estimate,"
"predict," "potential," "future," "continue" or other wording
indicating future results or expectations to identify such
forward-looking statements that include, but are not limited to
statements related to: our Cypress 3.0 strategy; the composition of
our Board of Directors; our 2017 Annual Meeting of Stockholders;
the Company's financial and operational performance; our corporate
governance policies and practices; and our plans to file certain
materials with the SEC. Such statements reflect our current
expectations, which are based on information and data available to
our management as of the date of this press release. Our actual
results may differ materially due to a variety of risks and
uncertainties, including, but not limited to: the uncertainty
of litigation; our ability to execute on our Cypress 3.0 strategy;
global economic and market conditions; business conditions and
growth trends in the semiconductor market; our ability to compete
effectively; the volatility in supply and demand conditions for our
products, including but not limited to the impact of seasonality on
supply and demand; our ability to develop, introduce and sell new
products and technologies; potential problems relating to our
manufacturing activities; the impact of acquisitions; our ability
to attract and retain key personnel; and other risks and
uncertainties described in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections in our most recent Annual Report on Form 10-K
and our other filings with the Securities and Exchange Commission.
We assume no responsibility to update any such forward-looking
statements.
Contacts:
For Media:
Sard Verbinnen &
Co
Ron Low/John
Christiansen
(415) 618-8750
cypress-svc@sardverb.com
For Investors:
Okapi Partners
LLC
Bruce
Goldfarb/Pat
McHugh/Tony Vecchio
(877) 285-5990
info@okapipartners.com
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SOURCE Cypress Semiconductor Corp.