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|Avago Technologies Announces Changes to Board of Directors|
SAN JOSE, Calif. & SINGAPORE, Mar 10, 2011 (BUSINESS WIRE) -- Avago Technologies Limited (Nasdaq:AVGO), a leading supplier of analog interface components for communications, industrial and consumer applications, today announced that James A. Davidson, David M. Kerko and Bock Seng Tan have tendered their resignations from its board of directors (the "Board"), effective March 9, 2011. The departure of these directors is due to a re-organization of the Board resulting from the recent secondary offerings of our ordinary shares by our sponsor shareholders.
Messrs. Davidson and Kerko were director designees of Silver Lake and KKR, respectively, and Mr. Bock Seng Tan was originally the director designee of Seletar Investments Pte Ltd. Following the sale of Avago ordinary shares in a secondary offering in February 2011, under the terms of Avago's Second Amended and Restated Shareholder Agreement, Silver Lake and KKR are each currently entitled to designate only one member to the Board. Seletar ceased to be entitled to designate a member to the Board following its sale of Avago ordinary shares in a secondary offering in December 2010.
Messrs. Davidson, Kerko and Bock Seng Tan were nominated for re-election to the Board at the Company's upcoming Annual General Meeting of Shareholders (the "AGM"), scheduled to take place on March 30, 2011. However, in connection with their resignations from the Board, each of them has withdrawn as a candidate for re-election as a director at the 2011 AGM. The Board has decided not to fill the vacancies created by their resignations.
"Jim, Bock Seng and David have served Avago well as directors during their tenure on our Board, and I thank them for their valuable contributions to the Company," said Hock Tan, President and Chief Executive Officer of Avago.
About Avago Technologies Limited
Avago Technologies Limited is a leading designer, developer and global supplier of a broad range of analog semiconductor devices with a focus on III-V based products. Our product portfolio is extensive and includes over 6,500 products in four primary target markets: wireless communications, wired infrastructure, industrial and automotive electronics, and consumer and computing peripherals.
SOURCE: Avago Technologies Limited
Avago Technologies Limited