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."
Ofer Elyakim, DSP Group's Chief Executive Officer, added, "It
was a toughly fought election, but it is now time to put our
differences behind us to work together as a unified Board in the
best interests of all stockholders. Our Board and management hope
to benefit from the experience and insights of Messrs. Rice,
Seligsohn and Taffe and appreciate their willingness to join and
contribute to our future success."
Messrs. Rice, Seligsohn and Taffe stated, "We want to thank
stockholders for their support in electing us to DSP Group's Board.
We know that DSP Group has great products and significant
potential, and we look forward to working constructively with the
Board and the Company's management and employees towards enhancing
long term value at DSP Group for the benefit of all
stockholders."
Biographical information regarding the four directors elected is
presented below:
Dr. Reuven Regev, 63, has served as one of our
directors since January 2011. Dr. Regev is the Chairman and Chief
Executive Officer of Topscan Ltd, a computer peripheral electronic
devices company which he founded in 2008. Dr. Regev has also served
as the Chairman of Flexicath Ltd, a medical devices company, since
2009. From 2006 to 2008, Dr. Regev served as Chief Executive
Officer and a board member of Karmelsonix Ltd., a medical devices
company focused on Asthma treatment and listed on the Australian
Stock Exchange. Between 1995 and 2005, Dr. Regev served as the CEO
of Vectory Ltd, the High-Tech investment arm of Elbit Imaging, a
NASDAQ-listed company. Dr. Regev received a B.Sc. and an M.Sc. in
Electrical Eng. Communications and Control Systems from the
Technion, Israel. He received an M.Sc. and a Ph.D. in Industrial
Engineering and Management from Stanford University,
California.
Norman J. Rice, III, age 39, has been the
Managing Partner of New Castle Capital Group, LLC, where he focuses
on building capital, client and exit relationships in the
technology and new media segment, since July 2010. Norman has a
strong track record as both a successful entrepreneur and a
turnaround specialist in the high technology marketplace. From June
2005 until March 2009, Mr. Rice was the Vice President of the
Communications, Media and Entertainment (CME) Vertical Business
Unit of CA, Inc. (n/k/a CA Technologies, Inc.), an independent
enterprise information technology management software and solutions
company. From March 2005 until June 2005, Mr. Rice served as Vice
President of Business Development of the Aprisma Management
Technologies Business Unit of Concord Communications, Inc., a
provider of network service management software solutions, until
its acquisition by CA, Inc. in June 2005. Prior to that, Mr. Rice
was the Vice President of Business and Corporate Development at
Aprisma Management Technologies, Inc., a company that provided
Network assurance solutions, from January 2002 until its
acquisition by Concord Communications, Inc. in February 2005. From
May 2000 until October 2001, Mr. Rice was the Director of Software
Solutions and Business Development of HoustonStreet Exchange, Inc.,
a subsidiary of BayCorp Holdings, Ltd.. Mr. Rice also served in
technology consulting and business development roles in the United
States and Europe for MicroStrategy, Inc., from March 1999 to May
2000. In addition, Mr. Rice served as an Advisory Board Member of
vKernel (n/k/a Quest Software), a then leading provider of
performance and capacity management software that ensures vm
performance of VMware, Hyper-V and Red Hat environments from June
2009 to January 2011. Mr. Rice has also served on the Board of
Directors of Nitro Security Inc. (n/k/a McAfee, Inc.), a then
leading provider of security information and event management
(SIEM) solutions that provides complete visibility and situational
awareness to protect critical information and infrastructure, from
July 2007 to September 2008. Mr. Rice holds Masters degrees in
Engineering and Management from Dartmouth College and a Bachelor of
Science from the University of Michigan.
Gabi Seligsohn, 46, has served as the President
and Chief Executive Officer of Nova Measuring Instruments
(Nasdaq:NVMI), a provider of leading-edge stand-alone metrology and
the market leader of integrated metrology solutions to the
semiconductor process control market ("Nova"), since August 2006.
Having joined Nova in 1998, Mr. Seligsohn has served in several key
positions in the company, including as the Executive Vice
President, Global Business Management Group from August 2005 to
August 2006. From August 2002 until August 2005, Mr. Seligsohn was
President of Nova's U.S. subsidiary, Nova Inc. Prior to that, he
was Vice President Strategic Business Development at Nova Inc.
where he established Nova's OEM group managing the Applied
Materials and Lam Research accounts between the years 2000 to 2002.
From 1998 to 2000 he served as Global Strategic Account Manager for
the company's five leading customers. Mr. Seligsohn joined Nova
after serving as a Sales Manager for key financial accounts at
Digital Equipment Corporation. Mr. Seligsohn holds an LL.B. from
the University of Reading in England. He was voted CEO of the year
for the Israeli Hi-Tech industry by the Israeli management
institute in 2010.
Norman P. Taffe, age 46, has served as a member
of the Board of Directors of Integrated Device Technology, Inc.
(Nasdaq:IDTI), a mixed-signal semiconductor solutions company,
since October 2012. He is also Chairman of the Board of Directors
of the Second Harvest Food Bank, a non-profit organization, where
he has served as a board member since July 2008. Previously, Mr.
Taffe served as the Executive Vice President of Consumer and
Computation Division of Cypress Semiconductor Corporation
("Cypress"), a provider of high-performance, mixed-signal,
programmable solutions that provide customers with rapid
time-to-market and exceptional system value, from May 2005 until
May 2012. Prior to that, Mr. Taffe held numerous positions with
Cypress, including Marketing Director of the programmable logic and
interface products divisions from April 1999 to July 2001, Managing
Director of Cypress' mergers and acquisitions and venture funds
from July 2001 to September 2002, Managing Director of the wireless
business unit from September 2002 to January 2005, and Vice
President of the Personal Communications Division from January 2005
to May 2005. Mr. Taffe also served as a member of the Board of
Directors of Cypress Envirosystems, a Cypress-funded independent
company that develops system-level products for reducing energy
costs with wireless technology, from September 2007 to February
2013. He completed the Program for Management Development at
Harvard Business School and has a Bachelor of Science degree in
Electrical Engineering from the University of Michigan.
About DSP Group
DSP Group®, Inc. (Nasdaq:DSPG) is a leading global provider of
wireless chipset solutions for converged communications. Delivering
semiconductor system solutions with software and reference designs,
DSP Group enables OEMs/ODMs, consumer electronics (CE)
manufacturers and service providers to cost-effectively develop new
revenue-generating products with fast time to market. At the
forefront of semiconductor innovation and operational excellence
for over two decades, DSP Group provides a broad portfolio of
wireless chipsets integrating DECT/CAT-iq, DECT ULE, Wi-Fi, PSTN,
HDClear™, video and VoIP technologies. DSP Group enables converged
voice, audio, video and data connectivity across diverse mobile,
consumer and enterprise products – from mobile devices, connected
multimedia screens, and home automation & security to cordless
phones, VoIP systems, and home gateways. Leveraging
industry-leading experience and expertise, DSP Group partners with
CE manufacturers and service providers to shape the future of
converged communications at home, office and on the go. For more
information, visit www.dspg.com.
About Starboard Value
Starboard Value LP is a New York-based investment adviser with a
focused and differentiated fundamental approach to investing in
publicly traded U.S. small cap companies. Starboard invests in
deeply undervalued small cap companies and actively engages with
management teams and boards of directors to identify and execute on
opportunities to unlock value for the benefit of all
shareholders.
CONTACT: Christopher Basta,
DSP Group, Inc.
Tel: +1-408-240-6844
Cell: +1-631-796-5644
chris.basta@dspg.com
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