AXT, Inc. Announces Management Change
March 18 2009 - 9:00AM
Marketwired
AXT, Inc. (NASDAQ: AXTI), a leading manufacturer of compound
semiconductor substrates, today announced that Dr. Philip C. S. Yin
has resigned as chairman and chief executive officer of the Company
to pursue other opportunities, effective immediately. Dr. Yin has
also resigned as a member of the Board of Directors. Jesse Chen, an
AXT director since 1998 and our Lead Independent Director, has been
named non-executive Chairman of the Board of Directors, effective
immediately. The Board of Directors will be conducting a search for
a successor Chief Executive Officer.
"We appreciate the contributions that Phil has made to the
Company since his appointment as Chief Executive Officer in 2005.
We thank him for his dedication and the many contributions that he
has made, and we wish him well in his future endeavors," said Mr.
Chen, Chairman of the Board.
About AXT, Inc.
AXT designs, develops, manufactures and distributes
high-performance compound and single element semiconductor
substrates comprising gallium arsenide (GaAs), indium phosphide
(InP) and germanium (Ge) through its manufacturing facilities in
Beijing, China. In addition, AXT maintains its sales,
administration and customer service functions at its headquarters
in Fremont, California. The company's substrate products are used
primarily in lighting display applications, wireless
communications, and fiber optic communications. Its vertical
gradient freeze (VGF) technique for manufacturing semiconductor
substrates provides significant benefits over other methods and
enabled AXT to become a leading manufacturer of such substrates,
particularly in optoelectronics applications. AXT has manufacturing
facilities in China and invests in five joint ventures producing
raw materials. For more information, see AXT's website at
http://www.axt.com.
Contacts: Wilson W. Cheung Chief Financial Officer (510)
683-5900 Leslie Green Green Communications Consulting, LLC (650)
312-9060
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