June 20, 2017 / 7:11 PM / 7 months ago

UPDATE 2-Cypress Semi shareholders vote in dissident directors

(Updates with company’s statement)

By Michael Flaherty

NEW YORK, June 20 (Reuters) - Cypress Semiconductor said on Tuesday shareholders voted in two directors nominated by the company’s ex-chief executive onto its board.

T.J. Rodgers, the company’s founder and former CEO, has waged a battle against Cypress Semiconductor, upset by the actions of the board. Rodgers is the company’s largest individual shareholder.

The nominees, Camillo Martino and Daniel McCranie, won election to the board, the company said in its preliminary voting results statement.

Rodgers’ campaign, titled CypressFirst, sought to replace sitting directors Ray Bingham and Eric Benhamou.

The main target of Rodgers’ campaign was Bingham, who is the co-founder of China-backed private equity fund Canyon Bridge. Rodgers argued that Bingham’s involvement with Canyon Bridge put him in a conflict as a Cypress Semi board member, because the fund may seek buyouts that overlap with the company’s own list of acquisition targets.

Bingham resigned from the board earlier this month, as pressure built from his role balancing U.S. board positions and his role at Canyon Bridge.

Bingham’s resignation meant that the only contested board seat on Tuesday’s annual shareholders meeting was Benhamou‘s. (Reporting by Michael Flaherty; Editing by Grant McCool, Steve Orlofsky and Arun Koyyur)

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