NEW DELHI: Broadcom Corp, the maker of chips for phones and consumer electronics, fired Senior Vice President Vahid Manian after questions surfaced about the validity of academic degrees listed in his company biography.
A search has begun for his replacement, the company said today in a regulatory filing. Manian didn’t earn degrees from the University of California at Irvine that are cited on the company’s web site, according to the school’s registrar.
Manian also serves on the board of STEC Inc with Microsemi Corp Chief Executive Officer James Peterson, who faces separate questions about his credentials. Peterson, who lists degrees from Brigham Young University in government filings, never received them from that school, said Carri Jenkins, a university spokeswoman in Provo, Utah. Peterson did take classes there from 1978 to 1980, Jenkins said.
Manian’s firing is the first action taken by one of the three businesses tied to the executives, which are all technology companies in California’s Orange County. His departure follows the retirement of MGM Mirage Chairman and CEO Terry Lanni, who stepped down last month after similar questions surfaced about his MBA from the University of Southern California. MGM said the claims didn’t influence his decision.
Broadcom’s site said Manian had bachelor’s and master’s of business administration degrees from the University of California at Irvine. The executive, who oversaw global manufacturing at Broadcom, attended the school between September 1979 and August 1983 but wasn’t awarded any degrees, said Mark Fonseca, who is responsible for privacy issues in the registrar’s office.
No MBA record
Fonseca said Manian attended classes for four years but didn’t graduate. He said he isn’t allowed by law to disclose why Manian didn’t receive a degree. The school had no record of Manian studying for an MBA, Fonseca said.
Manian joined Irvine-based Broadcom in 1996 as director of operations after a stint at Silicon Systems Inc. Microsemi’s Peterson said he had vetted and hired Manian when the two worked at that company.
Peterson said today that he “categorically denies” misrepresenting degrees from Brigham Young University.
“I am working directly with the university to clarify this situation,” Peterson said in a statement. “I have every reason to expect that Brigham Young will investigate this allegation shortly and officially confirm my degrees.”
Peterson said a background check on him may have mistakenly used the name James J. Patterson.
‘Very careful’
Brigham Young’s Jenkins said in an interview after the statement that she checked degree records again and couldn’t find any record of a degree for Peterson. She said she had been checking the right name.
“We are always very careful when we release this kind of information,” she said.
Microsemi fell $2.88, or 16 percent, to $15.47 at 4 p.m. New York time in Nasdaq Stock Market trading. Broadcom rose $1.27 to $15.51, while STEC gained 2 cents to $4.91.
Microsemi’s Peterson serves with Manian on STEC’s audit, compensation, and nominating and corporate-governance committees.
A US government security clearance application form provided by Peterson lists his position at Microsemi and states that he has bachelor’s and MBA degrees from Brigham Young. A regulatory filing for STEC also lists the degrees.
Associate’s degree
Peterson was awarded an associate’s degree in arts, sciences and general education from Ricks College in Rexburg, Idaho, in December 1978, said Kyle Martin, registrar of Brigham Young University Idaho. In 2001, Ricks College became Brigham Young University Idaho, which is separate from the school in Utah, he said. As a former junior college, it couldn’t have conferred a higher degree, he said.
The discrepancies were uncovered by Barry Minkow, co-founder of the Fraud Discovery Institute, which looks into the backgrounds of executives.
Minkow served more than seven years in prison, from 1988 to 1995, after being convicted of fraud while running a company called ZZZZ Best Co.
Minkow almost always holds a position in securities his organization reports on, according to a disclaimer on his Web site. He said he has put options on STEC and Microsemi shares, and doesn’t own a position in Broadcom.
Peterson said in an interview that he earned credits during his military service that counted toward the degree from Brigham Young. He didn’t provide a university transcript after earlier saying he would.
Cliff Silver, a spokesman for Microsemi, referred inquiries to the CEO. The Irvine-based company makes chips for military and aerospace customers.
Manouch Moshayedi, STEC’S chief executive officer, defended Manian and Peterson yesterday in a telephone interview, saying they were “extremely competent.” STEC, based in Santa Ana, California, makes memory chips.
Minkow also raised the questions about MGM’s Lanni, who listed an MBA in his company biography. Lanni responded that he did receive an honorary MBA from the University of Southern California.
A search has begun for his replacement, the company said today in a regulatory filing. Manian didn’t earn degrees from the University of California at Irvine that are cited on the company’s web site, according to the school’s registrar.
Manian also serves on the board of STEC Inc with Microsemi Corp Chief Executive Officer James Peterson, who faces separate questions about his credentials. Peterson, who lists degrees from Brigham Young University in government filings, never received them from that school, said Carri Jenkins, a university spokeswoman in Provo, Utah. Peterson did take classes there from 1978 to 1980, Jenkins said.
Manian’s firing is the first action taken by one of the three businesses tied to the executives, which are all technology companies in California’s Orange County. His departure follows the retirement of MGM Mirage Chairman and CEO Terry Lanni, who stepped down last month after similar questions surfaced about his MBA from the University of Southern California. MGM said the claims didn’t influence his decision.
Broadcom’s site said Manian had bachelor’s and master’s of business administration degrees from the University of California at Irvine. The executive, who oversaw global manufacturing at Broadcom, attended the school between September 1979 and August 1983 but wasn’t awarded any degrees, said Mark Fonseca, who is responsible for privacy issues in the registrar’s office.
No MBA record
Fonseca said Manian attended classes for four years but didn’t graduate. He said he isn’t allowed by law to disclose why Manian didn’t receive a degree. The school had no record of Manian studying for an MBA, Fonseca said.
Manian joined Irvine-based Broadcom in 1996 as director of operations after a stint at Silicon Systems Inc. Microsemi’s Peterson said he had vetted and hired Manian when the two worked at that company.
Peterson said today that he “categorically denies” misrepresenting degrees from Brigham Young University.
“I am working directly with the university to clarify this situation,” Peterson said in a statement. “I have every reason to expect that Brigham Young will investigate this allegation shortly and officially confirm my degrees.”
Peterson said a background check on him may have mistakenly used the name James J. Patterson.
‘Very careful’
Brigham Young’s Jenkins said in an interview after the statement that she checked degree records again and couldn’t find any record of a degree for Peterson. She said she had been checking the right name.
“We are always very careful when we release this kind of information,” she said.
Microsemi fell $2.88, or 16 percent, to $15.47 at 4 p.m. New York time in Nasdaq Stock Market trading. Broadcom rose $1.27 to $15.51, while STEC gained 2 cents to $4.91.
Microsemi’s Peterson serves with Manian on STEC’s audit, compensation, and nominating and corporate-governance committees.
A US government security clearance application form provided by Peterson lists his position at Microsemi and states that he has bachelor’s and MBA degrees from Brigham Young. A regulatory filing for STEC also lists the degrees.
Associate’s degree
Peterson was awarded an associate’s degree in arts, sciences and general education from Ricks College in Rexburg, Idaho, in December 1978, said Kyle Martin, registrar of Brigham Young University Idaho. In 2001, Ricks College became Brigham Young University Idaho, which is separate from the school in Utah, he said. As a former junior college, it couldn’t have conferred a higher degree, he said.
The discrepancies were uncovered by Barry Minkow, co-founder of the Fraud Discovery Institute, which looks into the backgrounds of executives.
Minkow served more than seven years in prison, from 1988 to 1995, after being convicted of fraud while running a company called ZZZZ Best Co.
Minkow almost always holds a position in securities his organization reports on, according to a disclaimer on his Web site. He said he has put options on STEC and Microsemi shares, and doesn’t own a position in Broadcom.
Peterson said in an interview that he earned credits during his military service that counted toward the degree from Brigham Young. He didn’t provide a university transcript after earlier saying he would.
Cliff Silver, a spokesman for Microsemi, referred inquiries to the CEO. The Irvine-based company makes chips for military and aerospace customers.
Manouch Moshayedi, STEC’S chief executive officer, defended Manian and Peterson yesterday in a telephone interview, saying they were “extremely competent.” STEC, based in Santa Ana, California, makes memory chips.
Minkow also raised the questions about MGM’s Lanni, who listed an MBA in his company biography. Lanni responded that he did receive an honorary MBA from the University of Southern California.
Courtesy: Times of India
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