The company that is the current trustee for the trust created by the late Julius Blank, one of the founding fathers of the semiconductor industry that gave rise to Silicon Valley, wants to resign and is seeking permission to appoint a successor, according to court papers filed in Los Angeles.
First Republic Trust Co. filed the petition Friday in Los Angeles Superior Court, asking that lawyer and professional fiduciary David Levin be named the successor trustee.
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties and typically takes care of money or other assets for another.
Blank lived in Palo Alto and died in September 2011 at age 86. The physicist and inventor was one of the so-called “Traitorous Eight” who in 1957 left the Mountain View laboratory of William Shockley to start Fairchild Semiconductor, the valley’s seminal chip company and an enterprise that spawned dozens of spinoffs. Blank and the seven others had tired of Shockley’s heavy-handed management style and his reluctance to push ahead to the next phases of semiconductor development.
Blank and his wife, Ethel, who died before him, created the Julius and Ethel Blank Family Trust in April 2002. The couple’s son, David, is the sole beneficiary and has consented to the Levin nomination, the petition states.
The couple’s other son, Jeffrey, died in September 2017 at age 62.
A hearing on the First Republic petition is scheduled Sept. 17.
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