Photronics Names Frank Lee Chief Executive Officer and Welcomes Adam Lewis to Board of Directors
May 16 2022 - 6:00AM
Photronics, Inc. (Nasdaq: PLAB), a worldwide leader in photomask
technologies and solutions, announced today that Dr. Frank Lee, who
was named President on March 14, 2022, has been named Chief
Executive Officer and will join the company’s Board of Directors.
Constantine (“Deno”) Macricostas, who in addition to his role as
Chairman of the Board had also been serving as interim CEO. He will
continue to serve as Chairman.
"The Board believes Frank is the right person to
lead Photronics forward as we continue to invest in growth
globally, particularly in Asia, building on our industry-leading
position across the photomask market,” said Mr. Macricostas. “With
his long and successful track record, Frank has gained the
confidence of the Board and the entire organization in his ability
to lead us through our next phase of growth."
Dr. Lee stated, “I am honored and grateful for
the trust placed in me and excited for the opportunity to advance
our growth strategy. Photronics’ global employees are the best in
the industry. Together, we can continue to bring leading technology
and outstanding customer service to semiconductor and flat panel
display manufacturers around the world.”
The company also announced today that Adam Lewis
is joining its Board of Directors as an independent director. Adam
has over 20 years of experience in financial advisory to technology
companies with a focus on digital infrastructure and cyber
security. “Adam is a welcome addition to our Board, bringing
financial expertise and experience in strategic planning for
growth-focused businesses,” continued Mr. Macricostas. “Photronics
is focused on executing our strategic growth plans for continued
global expansion in the photomask industry, and we believe Adam
will bring an important voice to our Board discussions.”
“I am excited to join a company that values
technology-enabling innovation,” stated Mr. Lewis. “I look forward
to working with the Board and bringing my broad experience,
including governance advisory, to help the company.”
About Frank Lee
Dr. Lee’s career includes roles at Fairchild
Semiconductor, Intel and Soliconix. He was Vice President of
Operations of Texas Instruments-Acer (a TI/Acer joint venture) in
Taiwan and held leadership positions with TSMC-Acer in Taiwan, and
UMC in Taiwan. Prior to joining Photronics in 2006, he was CEO of
NSMC. Dr. Lee 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 Adam Lewis
Mr. Lewis has over 20 years of experience in
investment banking, executive financial management and private
equity. Mr. Lewis joined DH Capital in 2007 and has advised digital
infrastructure companies and investors on over 100 transactions,
representing over $30 billion in aggregate transaction value. Prior
to joining DH Capital, Mr. Lewis was Vice President of Finance at
InfoHighway Communications where he was involved in the structuring
and execution of highly strategic transactions that culminated in
the successful exit to Broadview Networks in 2007. Mr. Lewis is a
graduate of the University of Vermont and currently serves on the
boards of SilverSky, Verge, Stackpath, Drive Sally, Kasi Cloud and
Lokker.
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 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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