Atmel (ATML) Founder Perlegos Files Proxy Seeking To Replace 5 Board Members

From 13D Tracker

Atmel Corporation (Nasdaq: ATML) founder, former Chairman/CEO and 5.3% holder, George Perlegos, filed a definitive proxy statement with the SEC in connection with his planned solicitation of proxies at a Special Meeting of Shareholders scheduled for May 18, 2007 for Atmel shareholders of record as of April 5, 2007. Mr. Perlegos is seeking support from fellow Atmel shareholders to elect five nominees at the Special Meeting to replace five members of Atmel’s current Board of Directors. If his five nominees are elected, they would seek to add an three additional seats.

The definitive proxy statement filed today outlines a plan to drive shareholder value at Atmel, including divesting non-core assets to make Atmel a pure-play microcontroller company, hiring an experienced, new President and CEO, and initiating a $500 million to $1 billion share repurchase program.