- After less than four years in the position
- Robert LeFort taking over
(exechange) — San Jose, California, April 16, 2020 — Hassane El-Khoury, chief executive of Cypress, leaves. As announced by Cypress Semiconductor Corp. in a regulatory filing published on Thursday, April 16, 2020, Hassane El-Khoury leaves his post as chief executive officer at the semiconductor design and manufacturing company after less than four years in the role, effective immediately.
Hassane El-Khoury’s duties as CEO will be taken over by Robert LeFort, most recently President of Infineon Technologies Americas Corp.
Hassane El-Khoury’s departure from the CEO post is explained as follows. Cypress said: “As previously disclosed in the Current Report on Form 8-K filed by Cypress Semiconductor Corporation, a Delaware corporation (“Cypress”), with the Securities and Exchange Commission (the “SEC”) on June 3, 2019, Cypress is party to an Agreement and Plan of Merger, dated as of June 3, 2019 (the “Merger Agreement”), by and among Cypress, Infineon Technologies AG, a stock corporation (Aktiengesellschaft) organized under the laws of the Federal Republic of Germany (“Infineon”), and IFX Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of Infineon (“Merger Sub”).
On April 16, 2020 (the “Closing Date”), pursuant to the Merger Agreement, Merger Sub merged with and into Cypress, with Cypress continuing as the surviving entity (the “Surviving Corporation”) and a wholly owned subsidiary of Infineon (such merger, the “Merger”).”
Cypress said: “As of the Effective Time, each of Cypress’s directors immediately prior to the Effective Time (W. Steve Albrecht, Hassane El-Khoury, Oh Chul Kwon, Catherine P. Lego, Camillo Martino, Jeffrey J. Owens, Jeannine P. Sargent and Michael S. Wishart) resigned and ceased serving on the Board of Directors of Cypress (the “Board”) and any committees of the Board on which they served. Pursuant to the Merger Agreement, as of the Effective Time, Roland Markgraf, Robert LeFort and Jack Artman, the directors of Merger Sub immediately prior to the Effective Time, became the directors of the Surviving Corporation.
As of the Effective Time, certain of Cypress’s officers immediately prior to the Effective Time (Hassane El-Khoury, Thad Trent, Sam Geha, Sudhir Gopalswamy and Pamela Tondreau) resigned and ceased serving in their respective roles as officers of Cypress. Effective as of the Effective Time, Cypress appointed Robert LeFort as President and Chief Executive Officer and Jack Artman as Chief Financial Officer of the Surviving Corporation.”
Share price increase since August 2016
The announcement follows an increase in Cypress Semiconductor Corp.’s share price of 106% since August 2016.
In the position of CEO since 2016
Hassane El-Khoury became CEO of the Company in 2016.
El-Khoury has served as the president and chief executive officer of Cypress since August 2016.
He was previously executive vice president of Cypress’s Programmable Systems Division (from 2012 to 2016), managing the company’s standard and programmable microcontroller portfolio, including its Platform PSoC family of devices and its automotive business.
Prior to that, from 2010 to 2012, he served as a senior director of Cypress’s automotive business unit. Prior to joining Cypress, El-Khoury served in various engineering roles with subsystem supplier Continental Automotive Systems, where he spent time based in the U.S., Germany and Japan.
He currently serves on the board of directors of the Semiconductor Industry Association, a trade association, since September 2017.
El-Khoury holds a bachelor of science degree in electrical engineering from Lawrence Technological University and a master’s degree in engineering management from Oakland University.
Push-out Score not determined
When a company convincingly explains that the departure is due to personal or business reasons that are unrelated to the firm’s activities, a Push-out Score™ is not determined.
Read the full story in the exechange report 16.2020 ($).