Stec CEO resigns on insider trading charges

SANTA ANA, Calif ., Tue Sep 18, 2012 – Solid-state drive maker Stec Inc. said its founder and chief executive of 22 years, Manouch Moshayedi, resigned due to a civil complaint filed against him by the U.S. Securities and Exchange Commission in July.

Mark Moshayedi, the outgoing CEO’s brother and the company’s COO, will take over as interim CEO, the company said in a regulatory filing.

The U.S. regulator said in July that it had filed a civil complaint against Stec’s 53-year-old CEO for insider trading after he sold a significant portion of his holdings and shares owned by his brother.

The company had disclosed in 2009 that the SEC was conducting a formal investigation involving trading in the company’s securities.

Manouch Moshayedi will continue to be on the company’s board, Stec said.

Manouch and Mark Moshayedi founded Stec in 1990 and owned about 17 percent of the company’s outstanding common stock as of Dec. 31, 2011, according to the company’s annual report.

The Santa Ana, California-based company’s auditor PricewaterhouseCoopers LLP resigned on Sept.12. Analysts said the breakup could be a fallout of the insider trading charges.

Stec, once a leader in the flash drive storage industry, has seen its sales plunge over the last couple of years as larger players in the hard drive market such as Western Digital Corp. and Seagate Plc have eaten into its share.

Ex-Yahoo CEO Scott Thompson resigns from Splunk board

SAN FRANCISCO, Mon May 21, 2012 – Data analytics software maker Splunk Inc. said former Yahoo Inc. CEO Scott Thompson has resigned from its board of directors, effective May 18.

“In regard to recent health issues, we wish Scott all the best for a fast and full recovery,” Splunk Chief Executive Godfrey Sullivan said in a statement.

Thompson, who had joined Splunk’s board in October, was reported to have been diagnosed with thyroid cancer.

Thompson stepped down as Yahoo chief last week, 10 days after activist investor Daniel Loeb accused him of padding his biography by faking a computer science degree.

Last week, Thomson had also resigned from the board of networking gear maker F5 Networks.

Thomson is also a board member of analytics and data management software provider Vertica Systems Inc. – owned by Hewlett-Packard Co. – and Zuora Inc.

J.C. Penney CFO to leave this week after 15 months on job

PLANO, Texas, Wed Apr 11, 2012 – J.C. Penney Co. Inc. said on Wednesday that Michael Dastugue is leaving on Friday after just 15 months as chief financial officer as the department store chain continues to work on its overhaul under its new chief executive.

COO Mike Kramer will assume the CFO duties on an interim basis while a search for a replacement is conducted, the company said. Kramer joined Penney in December, a month after his former boss at Apple Inc., Ron Johnson, became Penney’s new chief executive officer.

Shares of Penney rose 3 percent to $34.20 in morning trade.

Under Johnson, Penney quickly did away with its old pricing strategy and is bringing in stores featuring certain brands such as Martha Stewart inside the chain’s large department stores to revitalize the 110-year old chain.

Before he joined Penney, Kramer was most recently president and CEO of clothing maker Kellwood Co. From 2000 to 2005 he was CFO of Apple Retail, where he reported to Johnson.

Dastugue, 47, has been at Penney since 1991 and was named CFO in January 2011. He previously worked as a senior accountant at Arthur Andersen.

His departure was announced less than a week after Penney said it planned to cut hundreds of jobs at its headquarters and shut down a customer call center in Pittsburgh.

Yahoo co-founder Jerry Yang resigns; had been under fire

SAN FRANCISCO  ―Yahoo Inc. co-founder Jerry Yang has quit the company he started in 1995, appeasing shareholders who had blasted the Internet pioneer for pursuing an ineffective personal vision and impeding investment deals that could have transformed the struggling company.

Yang’s abrupt departure comes two weeks after Yahoo appointed Scott Thompson its new CEO, with a mandate to return the once-leading Internet portal to the heights it enjoyed in the 1990s.

Wall Street views the exit of “Chief Yahoo” Yang as smoothing the way for a major infusion of cash from private equity, or a deal to sell off much of its 40 percent slice of China’s Alibaba, unlocking value for shareholders.

Shares of Yahoo gained 3 percent in after-hours trade.

“Everyone is going to assume this means a deal is more likely with the Asia counterparts,” Macquarie analyst Ben Schacter said. “The perception among shareholders was Jerry was more focused on trying to rebuild Yahoo than necessarily on maximizing near-term shareholder value.

“It certainly seems things are coming to a head as far as realizing the value of these assets.”

Yang, who is severing all formal ties with the company by resigning all positions including his seat on the board of directors, has come under fire for his handling of company affairs dating back to an aborted sale to Microsoft in 2008.

Yang’s exit comes roughly a month before dissident shareholders can nominate rival directors to Yahoo’s board.