Stockholders in Cypress Semiconductor Corp. voted Tuesday to install two directors backed by the firm’s founder and former chief executive in a bitter proxy fight that spawned two lawsuits in the Delaware Court of Chancery.
The election of J. Daniel McCranie and Camillo Martino to the Cypress board was a victory for T.J. Rodgers in his bid to regain influence in the company he founded in 1982. Rodgers, who left Cypress last year, had aimed to oust executive chairman H. Raymond Bingham and the company’s independent director, accusing the men of Bingham’s conflicts with a top Cypress competitor.
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