At the heart of it is an attempt by founding CEO T.J. Rodgers (pictured) to oust Ray Bingham from his position as Executive Chairman and member of the board of directors.
Bingham is a former CEO of Cadence and member of ST’s supervisory board.
As well as trying to oust Bingham, Rodgers wants to have Eric Benhamou voted off the board.
In place of Bingham and Benhamou, Rodgers wants Dan McCranie and Camillo Martino elected to the board.
Rodgers holds 3.2% of Cypress’ shares making him the company’s sixth largest shareholder.