Marvell Dismisses CEO and President

Weili Dai and Sehat Sutardja. Image: Global Semiconductor AllianceSehat Sutardja and Weili Dai, the husband-and-wife team acting as CEO and president (respectively) of Marvell Technology Group, have been fired by the board. However, both will remain on the board, with Sutardja continuing in his capacity as chair.

The move comes one month after an investigation by a board audit committee found problems at the top of the company. These included ‘significant pressure’ on sales and finance personnel to meet revenue targets, says the Wall Street Journal. No fraudulent activity was identified, but the committee did note that internal controls were not fully followed. In some cases, revenue was booked prematurely for transactions.

PricewaterhouseCooper, Marvell’s accounting firm, resigned last year. The company then took on Deloitte & Touche.

Management responsibilities have been assigned to a new six-member ‘office of the chief executive’, until a permanent CEO can be found. EVPs Maya Strelar-Migotti and Pantelis Alexopoulos will lead the group.