"In addition, the special committee found a systemic failure of internal controls with respect to the stock option process and related matters, as well as a failure by certain members of current and former management to exercise sufficient oversight," it added.
Shares of Marvell were up almost 2 percent on the news to US.92.
The Santa Clara, Calif.-based chipmaker's board of directors recommended that Chairman and CEO Sehat Sutardja give up his chairman's role, enabling a more clear divide between executive management and the board.
Metrical notation: - |- |- |- |- / - |- |- |- |- / - |- |- |- |- / - |- |- |- |- /Metrical foot type: iambic (- )Metrical foot number: pentameter (5 feet)Rhyme scheme: abab Rhyme (stanza position): cross (abab)Syllable pattern: .10Stanza: quatrain (4 lines)Genre(s): heroic quatrain, elegiac stanza, graveyard school, elegy Theme(s): hopelessness, vanity of life, night, social order, rural life, death ] [Era gia l' ora, che volge 'l disio A' naviganti, e 'ntenerisce 'l cuore Lo di ch' han detto a' dolci amici addio: E che lo nuovo peregrin d' amore Punge, se ode] — squilla di lontano Che paia 'l giorno pianger, che si muore.
[For I see in my thoughts, my sweet fire, One cold tongue, and two beautiful closed eyes Will remain full of sparks after our death.] was begun at Stoke-Poges in the autumn of 1742, probably on the occasion of the funeral of Jonathan Rogers, on the 31st of October. (Price sixpence).'' There was a preface by Horace Walpole.
Sutardja has already agreed to nullify some two million stock options following the probe, while Dai will bypass the right to purchase 1.5 million shares.
The board's special investigative committee found that "there were numerous instances in which grant dates were chosen with the benefit of hindsight as to the price of the company's stock, so as to provide exercise prices lower than the fair market value on the actual measurement date," the company stated.