SOUND SOURCE INTERACTIVE RESOLVES BOARD SUIT.Byline: Ben Sullivan Daily News Staff Writer A struggle for control of the board of directors of software developer Sound Source Interactive ended this week with the appointment of four new members. Lawsuits brought against the company and its chief executive by an investment bank and investor have been settled, the Calabasas-based company said. The suits claimed that when Sound Source was taken public by investment bank Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. Group LP in 1996, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Vincent Bitetti agreed that three outsiders would be appointed to the company's then-four-member board. Instead, the suits claimed, the board remained deadlocked dead·lock n. 1. A standstill resulting from the opposition of two unrelenting forces or factions. 2. Sports A tied score. 3. with two insiders and two outsiders, and management was trying to pack it with additional directors loyal to them. As part of the settlement, the board expanded to seven members Tuesday Tuesday: see week. , with each side selecting two new directors. One previous board member has resigned. Among the new board members are actor and money manager Wayne Rogers, and John Wholihan, dean of Loyola Marymount University's business school. ``I'm elated e·lat·ed adj. Exultantly proud and joyful. e·lat  ed·ly adv.e·lat this is behind us,'' Bitetti said in a statement. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion