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Friday, Mar 29, 2024

Vitesse Fires Top Three Executives

Vitesse Semiconductor Corp. fired three top executives after a suspension in April concerning stock options that were awarded inappropriately. Louis R. Tomasetta, CEO, Yatin Mody, CFO and Eugene F. Hovanec EVP have all been terminated as a result. Christopher R. Gardner has been named to take on the role of CEO and Shawn C.A. Hassel the role of CFO. Both Gardner and Hassel were formerly CEO and CFO, respectively, of financial restructuring firm Alvarez & Marsal. The Camarillo-based semiconductor manufacturer, currently endangered of being delisted on the Nasdaq, is continuing its internal investigation of its accounting practices. Vitesse has a tentative agreement with a lender concerning its credit facility, which has exceeded its borrowing levels. Vitesse has also hired an investment bank to obtain more financing.

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