Avant CEO Resigns After Sentencing

Avant Corp. Chief Executive Gerald Hsu resigned after a company co-founder and three other executives received jail terms for stealing trade secrets from rival Cadence Design Systems Inc.

Avant said Hsu and five other employees pleaded no contest May 22 to theft charges. Avant was ordered to pay $195 million to San Jose-based Cadence, the top maker of software for the semiconductor industry.

On Wednesday night, Hsu, 55, resigned from his post after a California judge sentenced him to three years of probation that day.

Avant shares fell $1.69 to $7.03 on Nasdaq.