SAN JOSE, Calif. -- Microsemi Corp. has assessed financial penalties against its CEO for misrepresenting his academic credentials.
Chip maker Microsemi was reviewing the status of the academic credentials of James Peterson, its president and chief executive.
Microsemi has concluded its review of the academic credentials of Peterson. The independent inquiry on behalf of the board was commenced and was conducted by the law firm of Munger, Tolles & Olson LLP.
The committee and the board determined that Peterson did not obtain either a Bachelor's Degree or Masters of Business Administration. The board confirmed that Peterson earned an Associate's Degree from Ricks College (presently known as Brigham Young University--Idaho) on Dec. 15, 1978. He also earned substantial credits toward a Bachelor's Degree at Brigham Young University--Provo from 1979 through 1980.
The board has assessed significant financial penalties against Peterson, as follows:
1) Peterson will immediately pay $100,000 to the company.
2) Peterson will forego his potential for a bonus for the
company's current fiscal year. During the last three years, Peterson's annual bonuses averaged approximately $680,000.
3) The board has extended by one year each of the five remaining vesting consummation dates of his two unvested restricted common stock awards (which aggregate to 323,000 shares of common stock, of which 116,000 shares would have vested by