Mellanox unexpectedly appoints new chairman

Irwin Federman replaces Eyal Waldman as chairman after opposition to Waldman's double appointment as chairman and CEO.

Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) today unexpectedly appointed Irwin Federman chairman of the companys board of directors. Federman has served as a member of Mellanoxs board of directors since its founding in 1999, and is currently the companys lead director. He is a general partner at venture capital firm U.S. Venture Partners.

The appointment comes two weeks after the refusal of the company's investors to approve Eyal Waldman continuing as chairman as well as CEO. Subsequently Mellanox decided to delist from the Tel Aviv Stock Exchange (TASE) and remain solely on Nasdaq. The Infiniband developer leaves the TASE on August 31.

The feeling had been that after the company stopped trading on the TASE, and some of the institutional investors who opposed Waldman's double appointment disinvested, he would again seek to become chairman.

Walman and Federman are old friends. Waldman said today, I am honored that Irwin Federman, my mentor since the company was founded, has accepted the appointment of Mellanoxs chairman of the board. Irwin has been an invaluable board member since the inception of the company and has been instrumental in guiding and influencing the companys direction. We look forward to working with Irwin as the chairman of the board of directors as we scale Mellanox for our next stages of growth.

Federman said, I am honored to accept the appointment of chairman of the board of Mellanox Technologies. I have great confidence in Eyal and the leadership team, as well as our board, and look forward to working with them to build the company for the future.

Published by Globes [online], Israel business news - - on June 18, 2013

Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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