In the latest development in a fight over the future of Tessera Technologies (XPER), the company has replaced its chief executive. The new CEO, Thomas Lacey, will serve in an interim capacity until a replacement is found. His predecessor, Richard Hill, will continue to serve as the firm's board chairman. Tessera Tech is currently conducting a search for a more permanent CEO.
Earlier this month, Lacey was elected as a director of the company's board.
The management and board changes have come about through an agreement with minor shareholder Starboard Value, a hedge fund that has been strongly advocating for change at the company for some time. The agreement comes in the midst of a proxy fight for control of the company.
