The executive chairman of the Cypress Semiconductor Corp. board has resigned amid allegations linking him to one of the company’s top competitors, a move that sets up the possibility of total victory for the firm’s founder and former chief executive in a heated proxy fight that has spilled into the Delaware Court of Chancery.
Cypress announced Monday that H. Raymond Bingham had stepped down as head of the company’s board. Eric Benhamou also resigned as lead independent director, though he will remain on the board and stand for election, Cypress said.
