In the latest development in a fight over the future of Tessera Technologies (NASDAQ: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.
Fool contributor Eric Volkman has no position in Tessera Technologies. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.