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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: etchmeister who wrote (20885)	10/17/2006 10:40:47 AM
From: Proud_Infidel	Respond to of 25522

Levy retires from KLA amid stock scandal Mark LaPedus EE Times (10/17/2006 10:04 AM EDT) SAN JOSE, Calif. — Amid a stock-option scandal, KLA-Tencor Corp. Tuesday (Oct. 17) announced that Kenneth Levy, founder and chairman of the metrology company, is retiring as a director and employee, effective immediately. Levy was a member of the board since 1975, chairman of the board since 1999, and CEO from 1975 to 1997 and from mid-1998 to mid-1999. Edward W. Barnholt will succeed Levy as chairman and will serve in a non-executive capacity. Barnholt is the former president and CEO of Agilent Technologies Inc. The company separately announced results of the investigation by the board of the company's historical stock option practices. Based upon that investigation, the company intends to re-price all outstanding retroactively priced options held by Levy and certain other former and current executives of KLA-Tencor. The exercise price of each re-priced option will be increased to the fair market value on the corrected measurement date. Levy is one of a handful of executives implicated in a shocking stock-option probe at KLA-Tencor, based here. KLA-Tencor Monday (Oct. 16) said it anticipates that the total non-cash charges for stock-based compensation expenses "will not" exceed $400 million. As part of its stock-option investigation, which is nearly completed, the metrology-equipment company said it has terminated all aspects of its employment relationship with Kenneth Schroeder, effective immediately.