Applied Materials Names Dickerson President

Date : 06/19/2012 @ 5:36PM
Source : Dow Jones News
Stock : Applied Materials, Inc. (MM) (AMAT)
Quote : 40.61  -0.72 (-1.74%) @ 8:00PM

Applied Materials Names Dickerson President

Applied Materials, Inc. (MM) (NASDAQ:AMAT)
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   By Nathalie Tadena 
 

Applied Materials Inc. (AMAT) has named semiconductor industry veteran Gary Dickerson as its new president, effective Tuesday.

Dickerson served as chief executive of Varian Semiconductor Equipment Associates Inc., which Applied Materials acquired in 2011, for seven years. He also held several positions during an 18-year tenure at KLA-Tencor Corp. (KLAC), including chief operating officer.

Applied Materials is the largest provider of machines used in making semiconductors, solar panels and displays. The company has broadened its business to include tools used in making solar panels and displays used in computers and TV sets. But supply gluts for manufacturers in those businesses have slowed plans to boost production capacity in the past year and have hurt Applied Materials' results.

Last month, Applied Materials reported fiscal second-quarter profit shrank 41% as the semiconductor-equipment maker's margins narrowed, though revenue dropped less than expected.

Shares were down by three cents to $11.15 after hours. Through the close, the stock is off 13% over the past three months.

Write to Nathalie Tadena at nathalie.tadena@dowjones.com




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