The founder and chairman of ATI Technologies Inc., one of the world’s leading graphics chip makers, has retired from the company just weeks after allegations of insider stock trading against himself and his wife were dismissed.
“ATI has been more than a major part of my career, it has been a part of my life that I will always treasure. With the OSC [Ontario Securities Commission] matter now resolved completely in my favor, I have decided to spend more time with family and pursue my personal interests,” said K.Y. Ho in a Tuesday statement.
In mid-October, the Ontario Securities Commission dismissed allegations of insider stock trading made against Ho and his wife.
Born in Hong Kong and educated for a number of years in Taiwan, Ho helped found ATI in 1985 and served as its chief executive officer (CEO) up until June of last year.
He stepped down as chairman and vacated his seat on the company’s board of directors, according to the statement.
David Orton, ATI’s current CEO, will be nominated for election as a director at ATI’s annual shareholders meeting in late January. The company’s board also elected a new non-executive chairman, James Fleck, ATI said.