Advanced Energy Announces Retirement of President & CEO Yuval Wasserman and Appoints Stephen D. Kelley as Successor
February 10 2021 - 7:45AM
Business Wire
- Steve Kelley will become Advanced Energy’s new president &
CEO on March 1
- Yuval Wasserman will remain as an executive advisor to the
board and the new CEO through March 31, 2022
Advanced Energy Industries, Inc. (NASDAQ: AEIS), a global leader
in innovative power, measurement and control technologies, today
announced that Yuval Wasserman will retire as president & chief
executive officer and as a member of the board, effective March 1,
2021. The board of directors has appointed Steve Kelley, a
semiconductor industry leader with over 30 years of experience, as
the president & chief executive officer and a member of the
board, effective March 1, 2021. Mr. Wasserman will remain as an
executive advisor to the board and to Mr. Kelley, to assist in the
transition.
“On behalf of the board, the company, and its shareholders, I
would like to thank Yuval for his strong leadership, tireless
dedication and passion in building Advanced Energy into a global
leader in precision power conversion with over $1.4 billion dollars
in annual sales and delivering significant shareholder return since
becoming president and CEO in 2014,” stated Grant Beard, chairman
of the board. “Under Yuval’s leadership, Advanced Energy has
diversified its revenue base, strengthened its market leadership,
delivered record financial results and developed a platform to
deliver long-term revenue and earnings growth as an industrial
technology growth company. As we enter this next chapter, we are
excited to welcome Steve Kelley as our new president & chief
executive officer. Steve is a proven technology executive and we
are confident that he will be able to lead the continued success of
Advanced Energy.”
“Throughout my fourteen years at Advanced Energy and since
becoming its president and chief executive officer in 2014, we have
expanded the company significantly, delivered sustainable and
profitable growth and positioned Advanced Energy for future
success,” said Mr. Wasserman. “Together, we have delivered
innovative products to our customers, provided a great place to
work and professional opportunities for our employees and increased
shareholder return. It has been my privilege to have led Advanced
Energy during this unprecedented transformation and I look forward
to working with our board and Steve to ensure a smooth transition.
I am excited that we have attracted Steve to lead Advanced Energy,
together with our proven management team, into the future.”
“I am thrilled to be joining Advanced Energy at this exciting
time, and am confident in the company’s continued ability to
deliver sustainable, profitable growth,” commented Steve Kelley. “I
am honored to be succeeding Yuval as president & CEO, and want
to thank Grant and the board for their trust in me to lead the
company through this next chapter in its growth story.”
Steve Kelley recently served for seven years as president &
CEO of Amkor Technology, Inc. (NASDAQ:AMKR), a leading
semiconductor package and test company. Kelley led the financial
transformation of Amkor by prioritizing strong revenue growth,
efficiency gains and a culture of continuous quality improvement.
Previously, Mr. Kelley held executive leadership roles of various
businesses at companies including Cree, Texas Instruments and
Philips Semiconductors, focusing primarily on the timely
development of new products to grow revenue and profits. Mr. Kelley
holds an SB ChE from the Massachusetts Institute of Technology and
a JD from Santa Clara University. He will be based in Denver.
About Advanced Energy
Advanced Energy (NASDAQ: AEIS) is a global leader in the design
and manufacturing of highly engineered, precision power conversion,
measurement and control solutions for mission-critical applications
and processes. AE’s power solutions enable customer innovation in
complex applications for a wide range of industries including
semiconductor equipment, industrial, manufacturing,
telecommunications, data center computing and healthcare. With
engineering know-how and responsive service and support around the
globe, the company builds collaborative partnerships to meet
technology advances, propel growth for its customers and innovate
the future of power. Advanced Energy has devoted more than three
decades to perfecting power for its global customers and is
headquartered in Denver, Colorado, USA. For more information, visit
www.advancedenergy.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to known and unknown risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statements. Such risks and uncertainties include,
but are not limited to: (a) the effects of global macroeconomic
conditions upon demand for our products and services; (b) the
volatility and cyclicality of the industries the company serves,
particularly the semiconductor industry; (c) delays in capital
spending by end-users in our served markets; (d) the risks and
uncertainties related to the integration of Artesyn Embedded Power
including the optimization and reduction of our global
manufacturing sites; (e) the continuing spread of COVID-19 and its
potential adverse impact on our product manufacturing, research
& development, supply chain, services and administrative
operations; (f) the accuracy of the company’s estimates related to
fulfilling solar inverter product warranty and post-warranty
obligations; (g) the company’s ability to realize its plan to avoid
additional costs after the solar inverter wind-down; (h) the
accuracy of the company’s assumptions on which its financial
statement projections are based; (i) the impact of product price
changes, which may result from a variety of factors; (j) the timing
of orders received from customers; (k) the company’s ability to
realize benefits from cost improvement efforts including avoided
costs, restructuring plans and inorganic growth; (l) the company’s
ability to obtain in a timely manner the materials necessary to
manufacture its products; (m) unanticipated changes to management’s
estimates, reserves or allowances; (n) changes and adjustments to
the tax expense and benefits related to the U.S. tax reform that
was enacted in late 2017; and (o) the impact of political, economic
and policy tensions and conflicts between China and the United
States including, but not limited to, trade wars and export
restrictions between the two countries, China’s national security
law for Hong Kong, and China’s expansion of control over the South
China Sea, any of which could negatively impact our customers’ and
our presence, operations, and financial results. These and other
risks are described in Advanced Energy’s Form 10‑K, Form 10‑Q and
other reports and statements filed with the Securities and Exchange
Commission (the “SEC”). These reports and statements are available
on the SEC’s website at www.sec.gov. Copies may also be obtained
from Advanced Energy’s investor relations page at
ir.advanced-energy.com or by contacting Advanced Energy’s investor
relations at 970‑407‑6555. Forward-looking statements are made and
based on information available to the company on the date of this
press release. Aspirational goals and targets should not be
interpreted in any respect as guidance. The company assumes no
obligation to update the information in this press release.
Advanced Energy | Precision. Power. Performance.
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Brian Smith Advanced Energy Industries, Inc. (970) 407-6555
ir@aei.com
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