Photronics Announces Executive Leadership Changes
March 14 2022 - 8:30AM
Photronics, Inc. (Nasdaq: PLAB), a worldwide leader in photomask
technologies and solutions, today announced that Dr. Frank Lee, who
has led the growth of the business in Asia for more than 15 years,
has been named President of the company, effective immediately.
Peter Kirlin is retiring to pursue other interests after a
successful fourteen-year tenure with the company. Dr. Lee will lead
global operations, reporting to the CEO. Deno Macricostas, Chairman
of the Board of Directors, will perform the function of interim
CEO.
"I am very pleased and excited that Frank will be leading our
operations as we look to maximize our industry-leading global
footprint, technology and strong customer relationships,” said Mr.
Macricostas. “Frank has a long and successful track record leading
our operations in Asia, the largest and fastest growing segment of
our business. Under his guidance we have achieved strong growth,
increased market share and improved return on capital. We look
forward to his executive leadership of the entirety of our
operations as we focus on accelerating our growth to capitalize on
the continuing global capacity expansions in the semiconductor and
display industries. The board is confident in the ability of our
leadership team, with Frank at the helm, to guide our next phase of
growth as we look to continue to take advantage of the
extraordinary opportunities in the photomask industry."
Dr. Lee stated, “The Asia team is proud of the progress made
over the past several years, and I am personally excited to lead
the outstanding Photronics global operations team to drive and
expand the company’s success well into the future.”
Mr. Macricostas then stated, “The company is reaffirming Q2 is
on target, and I want to thank Peter for his contributions to our
success. He led the company during our strategic expansion into
China, and we greatly appreciate his hard work and dedication to
our company.” The Board of Directors plans to form a committee to
initiate the formal search for a new CEO.
About Frank Lee
Dr. Lee’s career includes roles at Fairchild Semiconductor,
Intel and Siliconix. He was then Vice President of Operations with
Texas Instruments-Acer (a TI/Acer joint venture) in Taiwan and held
leadership positions with TSMC-Acer in Hsinchu, Taiwan and UMC in
Taiwan. Prior to joining Photronics in 2006, he was CEO of NSMC. He
holds a BS in Nuclear Engineering from Tsinghua University and a
M.S. and Ph.D. in Materials Science from the University of
Cincinnati.
About Photronics
Photronics is a leading worldwide manufacturer of
integrated circuit (IC) and flat panel display (FPD) photomasks.
High precision quartz plates that contain microscopic images of
electronic circuits, photomasks are a key element in the IC and FPD
manufacturing process. Founded in 1969, Photronics has been a
trusted photomask supplier for over 50 years. As of October 31,
2021, the company had 1,728 employees. The company operates 11
strategically located manufacturing facilities in Asia, Europe, and
North America. Additional information on the company can be
accessed at www.photronics.com.
Forward-Looking Statements
Certain statements in this press release constitute
“forward-looking statements” regarding our industry, our strategic
position, and our financial and operating results. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results, performance or
achievements to differ materially. Please refer to the documents we
file with the Securities and Exchange Commission. These documents
contain and identify important factors that could cause our actual
results to differ materially from those contained in these
forward-looking statements. These certain factors can be found
at www.photronics.com/riskfactors. Although we believe that
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements. We are under no duty to update any of
the forward-looking statements after the date of this release to
conform these statements to actual results.
For Further Information:John P.
JordanExecutive Vice President &
CFO203.740.5671jjordan@photronics.com
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