Zarlink shareholders rise up

Shareholders of Zarlink Semiconductor Inc. are calling for the resignation of the president and CEO Kirk Mandy. In a letter to the board of directors, shareholders Scott Leckie, who manages funds that own the second-largest-holding (5.2%) in the company, as well as David Banks and Daniel Owen, ask Mr. Mandy to step down and for the board “to reverse the long-term erosion in shareholder value.” Zarlink.jpgThe letter, according to a release, also requests that Zarlink’s board nominate five new members for election at the company’s scheduled AGM on July 23. “The current Zarlink board appears to be unwilling to recognize that change is overdue, although the share price is down by about 95 per cent since January 2002 and more than 60 per cent since February 2005 when Kirk Mandy took over as CEO for the second time,” says Mr. Banks. “The board of Zarlink has a history of rebuffing or ignoring the concerns of its shareholders while it continues to oversee the mismanagement of the company. They have exhausted our patience. Their time is up.” Mr. Banks and his fellow dissident shareholders have requested that the board call a meeting on July 2 to discuss the future direction of the company.

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