Henry Samueli resigned as chairman of Broadcom Corp., the company he built into a tech juggernaut, to fight a federal lawsuit alleging he conspired with other executives in a five-year scheme that involved false accounting and lying to shareholders.
“I could not in good conscience allow today’s unfortunate turn of events to become a distraction to the company I co-founded,” Samueli said in a statement to employees.
Nicholas and two others today for conspiring to backdate employee stock options in violation of federal corporate accounting rules.
Broadcom’s chief counsel, David Dull, also took a leave of absence to defend himself in the SEC suit.
Ruben Roy, an analyst with Pacific Crest Securities in Portland, Ore., said he would expect the company to continue to grow even after Samueli’s exit.