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© shutter999 dreamstime.com Components | June 13, 2017

Bingham resigns over fight with Rodgers

Cypress' Executive Chairman Ray Bingham has tendered his resignation. In addition, Eric Benhamou has stepped down as Lead Independent Director. He will remain on the Board.
In response to these developments, the Board of Directors has appointed current independent director W. Steve Albrecht as its new Chairman. Finally, the independent members of the Cypress Board decided, given CEO Hassane El-Khoury’s performance, there is no longer a need for the Executive Chairman role. All of these changes are effective immediately.

"While it saddens me to leave the Board at such a time, I believe that the nature of this proxy contest has become a distraction to the Company and the management team’s ability to fully execute Cypress 3.0 – the strategy that is putting Cypress back on track. I wish Hassane, his team and the Board members all the best in the future and look forward to watching them accomplish great things in the months and years to come", said Bingham. "n the last year, we have accomplished a great deal, including removing an underperforming CEO who was no longer right for the Company, and appointing a dynamic CEO who I believe will continue to lead the Company upward and implement the successful turnaround driven by the Cypress 3.0 strategy."

As reported earlier, T.J Rodgers filed a lawsuit against his former company earlier this year. The founder of Cypress (back in 1982) is alleging conflict of interest for both Ray Bingham and Eric Benhamou. He nominates Camillo Martino and J. Daniel McCranie in their stead.

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October 16 2017 2:56 PM V8.8.6-1