Vitesse Semiconductor’s Board of Directors announced that Louis R. Tomasetta, the company’s CEO, Eugene F. Hovanec, the company’s Executive Vice President and Yatin Mody, the company’s Chief Financial Officer, have been placed on administrative leave.
Vitesse has appointed a Special Committee of independent directors to conduct an internal investigation relating to past stock option grants, the timing of such grants and related accounting and documentation. The Special Committee is being assisted by independent outside legal counsel.
Vitesse said it is too early to determine whether it will need to restate its financial results for prior periods.
Chris Gardner has been appointed Acting President and CEO. Mr. Gardner joined Vitesse in 1986. He served as Vice President and Chief Operating Officer from November 2000 to June 2002. Since June 2002, Mr. Gardner has served as Vice President and General Manager of the Network Products Division. http://www.vitesse.com
