Brief: Semtech Chair Steps Down Over Options Investigation

SAN FRANCISCO — Semtech Corp. has appointed Rockell Hankin chairman of its board of directors, replacing John "Jack" Powe, the company said Friday (Aug. 25). Powe has taken a leave of absence from the board pending the conclusion of an ongoing investigation into past stock options granting practices.

Hankin, 59, has been a Semtech director since 1988 and vice chair of the company's board of directors since 1998. He is a private investor and a director of Sparta Inc., as well as two private companies.

Poe informed Semtech that he was stepping down and chairman and taking a leave of absence "in order to avoid even the appearance of a conflict of interest," Semtech (Camarillo, Calif.) said.