Electronic Design

Marvell Interim CFO Resigns

Marvell Technologies' interim CFO Mike Tate resigned yesterday after the company completed its process of filing delayed SEC reports. Tate took the job in May as the company struggled with an investigation into backdating of stock options. The company said Tate's resignation is normal, as his work with filing the delayed reports was completed. Last week, the company paid $327.4 million after restating financial reports to account for stock option backdating between 2000 and 2006. Though the company saw sales gains, it recently reported a first quarter loss of $52.8 million, down from a $77.5 million profit the same period last year.

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