CEO as Well as President Leaving Marvell

Marvell Technology Group Ltd. announced the departure of CEO Sehat Sutardja and president Weili Dai from their management positions, effective immediately.

Sutardja and Dai will remain on the board of directors, with Sutardja continuing as chairman.

The board, in conjunction with an executive search firm, will conduct a search for a new CEO and president.

The board has formed an interim office of the CEO to oversee day-to-day leadership of the company’s operations.

It will be headed by:

Ms. Maya Strelar-Migotti, EVP, Smart Networked Devices and Solutions (SNDS) Business Group and

Dr. Pantelis Alexopoulos, EVP of the storage business group, as interim co-CEOs.

Each has the authority to exercise all powers of the CEO.

The other members of interim office include Dr. Zining Wu, CTO; David Eichler, interim CFO; Tom Savage, SVP and general counsel; and William Valle, VP, global human resources.

Arturo Krueger, Marvell’s lead outside director, said: “The board would like to thank Sehat and Weili for their enormous contributions and service since they founded Marvell in 1995. Marvell has revolutionized the world through its innovative technology and breakthrough designs in the semiconductor industry. However, the board believes that the time has come to move in a new leadership direction. The company’s highest priority is to leverage Marvell’s strong core business and technology to drive the next stage of product innovation and profitable growth. The Board has full confidence in the proven ability of Maya and Pantelis, together with the other members of the interim office of the CEO and all of Marvell’s employees, to continue providing world-class R&D and customer support during this time of transition. We look forward to demonstrating our continuing commitment to excellence in our products and service, as well as to creating value for our shareholders.”

On February 22, 2016, the Audit Committee approved the engagement of Deloitte & Touche LLP as the company’s new independent public accounting firm. On March 1, 2016, the company reported the results of the Audit Committee’s independent investigation of certain accounting and internal control matters. With these two key matters completed, the company is working to complete the preparation and filing of its annual report on Form 10-K for fiscal 2016 and its quarterly reports on Form 10-Q for the second and third quarters of fiscal 2016 as soon as practicable. As previously announced, a search for a permanent CFO and additional independent board members is underway with the assistance of an international executive search firm.