Vitesse seeks shareholder input on board nominees

By Lisa Kerner

Charlotte, N.C., July 17 - Vitesse Semiconductor Corp.'s board of directors is soliciting shareholder recommendations for new director candidates.

The company said it will solicit recommendations from its major shareholders that have continuously held at least 1% of Vitesse's common stock for at least one year or currently hold at least 5% of the common stock.

The nominating and corporate governance committee will review, select and recommend candidates for election.

"We share the desire of our shareholders to reconstitute the board of directors," board chair Willow B. Shire stated in the release.

"We believe soliciting our major shareholders will enhance our recruiting efforts and provide them with an opportunity to participate in the process with the goal that the composition of the board of directors will effectively serve the interests of the company and its shareholders."

Securities and Exchange Commission regulations prevent the company from calling an annual shareholders' meeting to elect directors until it provides audited financial statements to its shareholders. The company said it plans to provide the statements as soon as possible.

As previously reported, 6.3% shareholder Chapman Capital LLC planned to start a proxy solicitation to replace the board of Vitesse. Chapman also claimed "overwhelming support for issuer board reconstitution by both the issuer's institutional and individual investors."

Vitesse is a Camarillo, Calif., developer of semiconductor solutions for communications and storage networks.

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