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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "presentationDate": "2013-04-30 00:00:00",
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  "notes": "Uses specific examples of executive departures (Young, Chernicoff, Roohparvar) to build a case for board dysfunction.",
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      "text": "We believe that Tessera's high level of executive turnover evidences a dysfunctional Board and management team.",
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      "text": "We believe that Tessera’s high level of executive turnover evidences a dysfunctional Board and management team.",
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      "text": "Farzan Roohparvar joined the Company in March 2011 and was terminated from his position as President of DOC on September 4, 2012.",
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      "text": "Tessera recently appointed Chairman Richard Hill as interim CEO to replace former CEO Bob Young, making Mr. Hill the fourth Tessera CEO in the past five years.",
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      "text": "Several other senior executives, including the Company's former chief executive officer and former chief financial officer, have received large severance payments at the times of their departure.",
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      "text": "Richard Chernicoff joined the Company in July 2011 and resigned as the President of IP on January 15, 2013.",
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      "text": "In total, over the past five years, we estimate Tessera has committed to spend in excess of $5 million on cash severance.",
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      "text": "Tessera has experienced continued turnover of its top-level managers in recent years, including a number who joined the Company only recently, yet received a handsome severance package or lucrative consulting arrangement.",
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      "text": "(1) Based on Black Scholes Option Pricing Model.",
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      "text": "Continued Turnover Among Top-level Managers",
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