SAN JOSE, Calif. George Perlegos, the largest shareholder and former CEO of Atmel Corp., continues to battle for control of the troubled chip maker.
Perlegos Friday (March 30) announced the filing of the preliminary proxy statement with the Securities and Exchange Commission in connection with his planned solicitation of proxies at a special meeting of shareholders scheduled for May 18. As reported, Perlegos is seeking support from Atmel shareholders to elect five highly qualified and independent nominees to replace five members of Atmel's current board.
In his preliminary proxy statement, Perlegos named the five individuals he is nominating for election at the meeting: Brian S. Bean, Joseph F. Berardino, Bernd U. Braune, John D. Kubiatowicz and George A. Vandeman. He also named three additional individuals whom the nominees, if elected, would seek to add to the Atmel board: Marshall S. Geller, John A. Jarrell and Gary A. Wetsel.
Perlegos is seeking the removal of the following current directors of Atmel: Pierre Fougere, Dr. Chaiho Kim, Steven Laub, David Sugishita and T. Peter Thomas. .
The preliminary proxy statement outlines a plan to drive shareholder value at Atmel, including divesting non-core assets to refocus the company on its core strengths in microcontrollers, hiring an experienced new president and CEO, and initiating a $500 million to $1 billion share repurchase program.
"As Atmel's largest individual shareholder, I am deeply concerned by the decline in the company's financial performance under the current board and management. Although Atmel is not current in its financial reporting due to an ongoing stock options investigation, the information it has released indicates a marked downturn in both net revenues and net cash," Perlegos said in a statement.