Tessera Tech Names an Interim CFO

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Troubled Tessera Technologies (NASDAQ: TSRA  ) announced today¬†that it has named a new interim chief financial officer, John Allen, who was previously the company controller. He will immediately assume the new role as his predecessor C. Richard Neely, Jr., who was only appointed to the position this past August, saw his tenure come to an abrupt end today. The press release announcing the change didn't even wish him luck in his endeavors.

Perhaps it's not so extraordinary since this is a company that has appointed two CEOs in two months' time. Tessera's non-executive chairman, Richard S. Hill, was appointed to the position on an interim basis on April 15 after the previous chief executive quit when his compensation package was changed. Hill was replaced on May 29 when the current interim CEO, Thomas Lacey, was appointed to the position. A search for a permanent CEO is still ongoing.

The new CFO was appointed to his position as controller and senior VP in December, having previously been controller and chief accounting officer at Corsair Components. He's also held finance and accounting roles for a number of other publicly traded technology companies, including Advanced Micro Devices, Xilinx, and Asyst Technologies. He was also formerly employed by Ernst & Young as a CPA. Allen holds a bachelor of arts degree in business economics from the University of California, Santa Barbara.

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9/29/2016 9:40 AM
TSRA $37.92 Down -0.21 -0.55%
Tessera Technologi… CAPS Rating: ****