Microsemi CEO slapped for fabricating degrees
Chip maker Microsemi has decided to keep its CEO and president James Peterson after a board investigation concluded he lied about receiving degrees from Brigham Young University.
The California-based firm specializes in high-reliability parts the US government uses in military applications, satellites, and spacecraft.
The board investigation determined Peterson didn't obtain the Bachelor's Degree or Masters of Business Administration he had listed on regulatory filings and a US government security clearance application for STEC, where he serves as a director.
An independent inquiry was made on behalf of the board by the law firm Munger, Tolles & Olson following media reports late last year which uncovered the deception.
Microsemi said that as a penalty for misrepresenting his academic credentials, Peterson will immediately pay $100,000 to the company. He will also forgo his 2008 bonus — which is terrific timing since so many tech company CEOs are waving their bonuses anyway because of the US recession. Microsemi said for the past three years, Peterson's annual bonuses average about $680,000.
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Congrats JimmyP!
You truly are the master of perception manipulation. And I thought your performance at Silicon Systems was amazing - this demonstrates that you have brought your game up to a whole new level.
The only thing I wonder about… the investment funds that lost money trading on your lie categorically denying published reports that you misrepresented having degrees, will they be so forgiving?