STEC (STEC +1%) discloses chairman/CEO Manouch Moshayedi is resigning from both positions in...

|By:, SA News Editor

STEC (STEC +1%) discloses chairman/CEO Manouch Moshayedi is resigning from both positions in response to the SEC's insider trading charges, though he'll remain a member of the board. His brother, COO/CTO Mark Moshayedi, will take over as CEO, while board member Kevin Daly will serve as interim chairman. Judging by STEC's muted response, the Street was expecting this move. The disclosure comes less than 24 hours after rival OCZ announced its CEO has resigned.