Tegal says CEO resigns, cites securities violation
Thu Mar 3, 2005 01:57 AM ET
NEW YORK, March 3 (Reuters) - Tegal Corp. (TGAL.O: Quote, Profile, Research) said on Thursday Michael Parodi resigned as president, chief executive and chairman after the technology firm discovered a previous violation of state securities laws.
Tegal, which makes components for integrated circuits, said Parodi was asked to resign by the board of directors after it became aware that Parodi had violated California securities laws relating to the repurchase of shares by Semiconductor Systems Inc. in 1995. Parodi was then that company's chief executive.
Tegal said that while it searched for a new CEO, Thomas Mika, its chief financial officer, would serve as interim chief executive, while Duane Wadsworth, an outside director, would serve as chairman.
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