Wednesday, August 16, 2006
In fallout from the stock options scandal, Rambus Inc. has announced that Geoff Tate, former chief executive of the company from 1990 through 2005, will resign from the company's Board of Directors.
As stated July 19, the Audit Committee of the Rambus Board of Directors confirmed Rambus would restate its finances dating back to fiscal 2003, to correct errors related to accounting for stock-based compensation expenses. During this period, Geoff was CEO and the sole member of the Stock Option Committee.
To avoid appearance of a conflict of interest, Tate felt he could best support the company by resigning from his position on the Board as Rambus resolves these issues.
By: DocMemory
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