Tessera Technologies names interim CFO

Tessera Technologies CFO departs, current corporate controller named interim replacement

Associated Press

SAN JOSE, Calif. (AP) -- The chief financial officer at Tessera Technologies has stepped down, the latest shake-up in the executive ranks at the company which licenses miniaturization technology for electronic devices.

Tessera named John Allen, its corporate controller since December, as acting chief financial officer, replacing C. Richard Neely immediately.

The past several months have been turbulent at Tessara. In May, the San Jose, Calif., company named its second interim chief executive officer in less than two months.

Starboard Value and Opportunity Master Fund Ltd., a big shareholder at Tessera, filed notice in December that it would nominate seven new board members. Starboard owns 7 percent stake in the company.

Two board members stepped down in March and the company's CEO quit after the board changed his compensation package, saying it wanted to motivate him to spin off a portion of the company.

Shares of Tessera Technologies, Inc. closed at $20.74 Tuesday.

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