Cypress Semiconductor Rises

Cypress Semiconductor shares rose more than 1% intraday after independent proxy voting and corporate governance advisory firm Institutional Shareholder Services (ISS) changed its recommendation and called on stockholders to vote Camillo Martino and J. Daniel McCranie into the company’s board.

The annual meeting of stockholders is now scheduled to be held June 20, the company said in a statement. “In changing its recommendation to endorse both CypressFirst nominees, ISS joins independent proxy advisory firms Glass Lewis and Egan-Jones in calling for the replacement of Cypress’s conflicted executive chairman Ray Bingham and lead independent director Eric Benhamou, who has failed his duty to enforce the Cypress Code of Ethics,” ISS said in the statement. It noted the board’s dismissal of the new disclosure as unimportant chronological details irrelevant to how stockholders should vote is perhaps the most troublesome aspect of its suboptimal response to the dissident critique.

By William Spence