SAN JOSE, Calif. Wilfred Corrigan, chairman of LSI Logic Corp., will step down and won't stand for re-election to the company's board, according to MarketWatch.
According to a filing with the Securities and Exchange Commission, the company said it anticipated the decision, which didn't result from any disagreement between Corrigan and the company, according to the report.
The company said Corrigan will remain in his chairman position until the end of his term, at which time a new chairperson will be elected. Corrigan founded the company, and was chief executive until last spring.
In what was billed as an "orderly succession plan," Corrigan last year stepped down as president and chief executive of LSI Logic. At the time, LSI Logic (Milpitas, Calif.) announced that its board has appointed Abhi Y. Talwalkar, an executive at Intel Corp., as the company's new president and chief executive. Corrigan became the non-executive chairman of the LSI Logic.