Vitesse Semiconductor Corp.

Vitesse Semiconductor Corporation

Mr. Adams went on the board of this troubled semiconductor company on October 25, 2007 to help the new management and new Board facilitate a turnaround of the company.

During his tenure on the Board, Mr. Adams served on the Audit Committee where 3 years of financials were reconstructed and re-audited (due to past fraud) for the shareholders. He also served as Chair of the Strategic Development Committee where the company’s subordinated debt was successfully restructure, enabling the company to proceed with relisting on the NASADQ Global Exchange. He also served on the Compensation Committee, which reviewed and revised senior executive compensation practices to ensure compliance with Corporate Governance best-practices, as well as to retain key personnel.

The Company was downsided, the balance sheet was restructured, operations and product lines assessed and revamped to improve margins, while keeping all of the key personnel.

Mr. Adams resigned upon completing the above tasks on October 31, 2009.

Gardner's Comments

2009 December 14th
Gardner's Comments

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