Microsemi Corporation, a semiconductor manufacturer that supplies military and aerospace customers, decided to let CEO James Peterson keep his job even though he lied on his resume. On 1/29/09, the board decided Peterson’s value to shareholders outweighed the fact that he never earned a diploma from Brigham Young University in Utah, where he attended classes in 1979 and 1980.
He will be penalized with a $100,000 fine and forego a bonus for fiscal 2009.
According to the company’s press release the Board has adopted a number of Company-wide remedial measures, which include:
- The Company will conduct background checks on all current and future Section 16 Officers and Directors.
- The Board will confirm that the Company’s Human Resources Department is continuing to verify an individual’s credentials prior to making an offer of employment or when senior personnel join the Company as a result of an acquisition.
- The Board will amend the Company’s Code of Ethics to make clear that misrepresentations of one’s credentials constitute an express breach of the Code, and could result in punishment including financial penalties and termination.
- Requiring all press releases to undergo an appropriate, documented review and verification process prior to issuance.
I’m surprised that Microsemi Corporation didn’t have these measures in place already.
Learn more about resume fraud.
