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$CY streamlined wireless design for smart home applications with addition of iCloud support to the Internet of Things (IoT) development platform. The Wireless Internet Connectivity for Embedded Devices (WICED) Studio platform now adds iCloud remote access support for Wi-Fi-based accessories that support Apple HomeKit.
$CY reached a settlement agreement with former CEO T.J. Rodgers, under which he also agreed to terminate all existing ligation against Cypress in connection with the contested election at the 2017 Annual Meeting. Cypress agreed to reimburse Rodgers for expenses of up to $3.5MM, in connection with the 2017 proxy contest.
Semiconductor company $CY said it has decided to expand the BoD from seven to eight members, and to add Dan McCranie and Camillo Martino to the board with immediate effect. In a statement regarding the status of its settlement discussions with T.J. Rodgers, who was forced to resign as CEO, Cypress said Eric Benhamou will remain on the board.
Ray Bingham, $CY’s Executive Chairman resigned from his post and also stepped down from the Board of Directors. Eric Benhamou resigned as Lead Independent Director and he will remain on the Board. The BoD appointed the current independent director Steve Albrecht as its new Chairman and decided to abolish the Executive Chairman role.
$CY announced a new wireless solution delivering advanced coexistence combining 802.11ac high-performance Wi-Fi, Bluetooth and Bluetooth Low Energy for IoT applications. This solution incorporates a USB 2.0 hub providing a common WLAN and Bluetooth interface, ideal for smart home products and network peripherals like home appliances and printers.
$CY has sold the subsidiary that owns its semiconductor wafer fabrication facility in Minnesota to SkyWater Technology Foundry for $30MM. The transaction allows $CY to reduce its manufacturing footprint and cost structure while increasing the utilization of its Fab 25 in Austin, Texas, in line with the company's plan to improve gross margins.
$CY and $UMC announced that $CY began volume shipments of microcontrollers containing its proprietary 40nm Embedded Charge-Trap (eCT) Flash manufactured at $UMC. The shipments mark the culmination of a multi-year collaboration between $CY and $UMC to integrate $CY’s flash technology with $UMC's 40nm Low Power logic process.
$CY said it appointed Hassane El-Khoury as CEO, president, and a member of its BoD. Ray Bingham's current role as chairman of the board has been expanded to executive chairman, providing him with a day-to-day role in support of the CEO focused externally on customers and investment opportunities.