Vitesse options.Vitesse Semiconductor Corp. abruptly a·brupt adj. 1. Unexpectedly sudden: an abrupt change in the weather. 2. Surprisingly curt; brusque: an abrupt answer made in anger. 3. canceled its second-quarter earnings call days after it suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. three top executives. The Camarillo computer chip maker announced that Chief Executive Louis Tomasetta, Chief Financial Officer Yatin Mody and Executive Vice President Eugene Hovanec are on administrative leave following an internal investigation into stock options grants. The earnings conference call has yet to be rescheduled, and the company's financial statements for the quarter ended March 31 will be delayed past the May l0 due date, the company said in a statement. The company has installed Chris Gardner Christopher Paul Gardner (born February 9, 1954 in Milwaukee, Wisconsin) is a self-made millionaire, entrepreneur, motivational speaker and philanthropist who, during the early 1980s, struggled with homelessness while raising his toddler son, Christopher, Jr. , general manager of the network products division, as interim president and 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. . Vitesse is looking into the timing and accounting of certain stock options grants, and warned that an earnings restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. may be in order--depending on the outcome of the investigation. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a December SEC filing, Tomasetta was granted 1.8 million stock options as part of his compensation in 2005. His base salary was about $388,000. Hovanec was granted 450,000 stock options on a salary of about $246,000. Mody was granted 400,000 stock options and a salary of about $197,000. The exercise price for those options is $2.58 per share. Vitesse shares plunged more than 30 percent on the news, to $2.34 per share. The stock improved to the mid-$2-range by the end of the week. Staff reporter Hilary Potkewitz can be reached at (323) 549-5225 ext. 226 or by e-mail at hpotkewitz@labusinessjournal.com. |
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