VLSI Technology Inc has lost its president and chief operating officer, Richard Beyer. He will not be immediately replaced, the company said. Instead his duties will be taken over by chairman and chief executive officer Alfred Stein. Bayer left for personal reasons according to a company statement. Investors were unhappy that, although Beyer left the company last week, the news wasn’t issued until late on Monday. The stock price dropped 13% on Monday to $13.88, before the news broke. By close of market Tuesday it had dropped a further 6.31% down to $13.00. Aside from the management change, investors are thought to be disappointed that LSI Logic Corp, which was said to have been in acquisition talks with VLSI, had instead opted to buy the Symbios Inc semiconductor and storage system subsidiary of Hyundai Electronics America for $775m in cash (CI No 3,442). Last month VLSI revealed it would be firing 190 staff and taking a third quarter charge of $6m in an attempt to cut costs.
