The chairman of KLA-Tencor Corp. retired Tuesday with a less valuable stock-option package, becoming the latest insider swept up in the computer chip supplier's efforts to clean up an accounting mess expected to cost up to $400 million. Kenneth Levy decided to step down from the board late Monday after KLA acknowledged it improperly booked employee stock options for several years. KLA also accepted the resignation of its GC, Stuart Nichols, and severed its ties with former CEO Kenneth Schroeder.
KLA's Chairman Retires With Re-Priced Stock Options, GC Resigns
The Associated Press
October 19, 2006