After an independent investigation regarding the misuse of corporate travel funds among some high-level execs, Atmel Corp.'s board of directors has fired George Perlegos, its president and CEO; and Gust Perlegos, its executive VP.

Atmel’s board has also ousted two unnamed execs: its VP general counsel and assistant secretary, and its VP of planning and information technology.

Both Perlegos execs have been asked to resign as directors of the company as well. The board has appointed Steven Laub, currently a director of Atmel and a 15-year industry veteran, as the company's new president and CEO, effective immediately.

"The board's decision was made following an independent investigation into allegations regarding the misuse of corporate travel funds," according to the chip maker. "Messrs. George Perlegos and Gust Perlegos have been asked to resign as directors of the company."

After news of his termination on Saturday, George Perlegos called a special meeting of Atmel's stockholders for October 5, as permitted under Atmel's bylaws, to vote on the removal of directors Steven Laub, Pierre Fougere, T. Peter Thomas, Chaiho Kim, and David Sugishita.

This represents the latest in a string of problems for Atmel. The company stated that Monday's announcement is unrelated to its recent disclosure regarding a stock-option probe.

The board's investigation is ongoing and the company does not expect the investigation to be completed prior to the due date for the company's second-quarter Form 10-Q, August 9, or the extended due date of August 14. Atmel executives will refrain from commenting further on this matter until the independent investigation is concluded.

By: DocMemory
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