July 24, 2013—Micro-electronics and optics manufacturer Tessera Technologies (U.S.A) announced further streamlining of the organizational structure of the company and its subsidiary, Tessera Intellectual Property Corp., following an announcement in March of a “shakeup” of the board and search for a new CEO to replace Robert A. Young.
As a result, the position held by Bernard “Barney” J. Cassidy, president of Tessera Intellectual Property Corp., was eliminated effective July 23. All functions will report to Thomas Lacey, who was appointed Tessera’s second interim CEO in late May.
The company also promoted Paul E. Davis to the post of general counsel and corporate secretary, who previously joined the company as associate general counsel in August 2011.
Lacey commented, “We took this action today as part of our overall company efforts to flatten our organizational structure and improve the efficiencies of our intellectual property business and executive team.”
The move is the latest in a series of changes at Tessera, including the addition of three independent directors and a new chairman in March to guide the company through the execution of its strategic changes to the Intellectual Property and DigitalOptics businesses.