Micron losing 3 directors
Micron's stock dips after an announcement that three directors will resign.
Micron said board members Ed Heitzeberg, Tyler Lowrey, and Bill Stover had resigned. The three former directors, however, will remain with the company.
Heitzeberg will continue as vice president of design, product engineering, and quality assurance. Stover will remain as CFO, and Lowrey will step down as chief operating officer but switch to the company's research and development efforts.
"Until now, it's been important to have technologists on our board, but now we need outside directors who can bring in outside expertise and experience," company spokesman Kipp Bedard said.
Earlier this month, Micron reported a 93 percent drop in fourth-quarter net earnings to $18.6 million, compared with a year ago. The company had cited unfair competition among foreign semiconductor companies as the reason for its price plunge.
Virtually all the directors of Micron, which plans to continue with a ten-member board, will be outside members once the three positions are filled--except for Steve Appleton, the company's chairman, chief executive, and president.
Appleton had left earlier in the year but then returned after a dispute with one of the directors. The company earlier this year also eliminated one position from the board when an outside director resigned.
Micron, which saw its stock rise to a 52-week high of 80-5/8 a share, has seen its stock trend down from around $35 per share in May to its current level.