Technology: Marvell Technology Group Ltd named Matthew Murphy as chief executive and president. He will also be appointed to the board of directors. Prior to Marvell, Murphy worked with Maxim Integrated (MXIM) for 22 years, most recently as executive vice president of business units, sales and marketing.
Murphy will join Marvell on July 11 and his appointment will increase the size of the company's board of directors to 12. His annual base salary will be $750,000, according to a regulatory filing. His appointment comes after a troubling few months for investors at Marvell, which has seen an internal probe and several executive changes.
A month later Chief Executive Sehat Sutardja and President Weili Dai stepped down, a move that analysts at the time had said could set up Marvell for a sale or a break-up.
The company has since hired a new chief operations officer, chief legal officer, as well as three independent board directors nominated by activist hedge fund Starboard Value LP. Starboard disclosed a 6.5 percent stake in the company in February and urged Marvell to cut costs and exit its mobile-wireless business.
Marvell, whose weak sales have mirrored a declining market for personal computers, delayed its quarterly report filing for April, due to an ongoing internal accounting probe. The company's shares were flat with their closing of $10.14 in extended trading on Monday.