Powerwave Co-Founder Resigns From Board

Irvine-based Powerwave Technologies Inc. said Friday that its co-founder and former chairman, Alfonso G. Cordero, has resigned from the company’s board. Cordero, 59, co-founded the company in 1985 and was its chief executive until 1996. The company makes power amplifiers for the wireless communications industry. Cordero, who retired as chairman of the board last January, remains the company’s largest individual shareholder, with more than 850,000 shares, or 4.3% of the company’s stock. This year, however, Cordero has been divesting a large portion of his holdings in the company--selling or giving away more than 1.5 million shares worth more than $46 million since April. Last month, Cordero also filed forms with regulators saying he intended to sell an additional 200,000 shares.