Cypress Semiconductor Corporation announced that Executive Chairman Ray Bingham has tendered his resignation as Executive Chairman and is stepping down from the Board of Directors. He also notified the Board that he was declining to stand for re-election at the Annual Meeting. The Board has accepted his decision. In addition, Eric Benhamou has stepped down as Lead Independent Director. He will remain on the Board. In response to these developments, the Board of Directors has appointed current independent director W. Steve Albrecht as its new Chairman. Finally, the independent members of the Cypress Board decided, given CEO Hassane El-Khoury's superior performance, there is no longer a need for the Executive Chairman role. All of these changes are effective immediately. Dr. Albrecht has served on the boards of directors of four public companies and five private companies. In addition to Cypress Semiconductor, he currently serves on the Boards of Directors of Red Hat Inc. and SkyWest Inc.