Lam Research Corporation Announces Martin Anstice Resigns as Chief Executive Officer; Tim Archer Appointed as President and C...
December 05 2018 - 4:01PM
Lam Research Corporation (Nasdaq: LRCX) today announced that the
Board of Directors has accepted Martin Anstice’s resignation as
chief executive officer and a member of the Board and has named Tim
Archer president and chief executive officer (CEO) effective
immediately. Mr. Archer has also been appointed to the Board of
Directors of Lam Research. Prior to this appointment, Mr. Archer
was the company’s president and chief operating officer (COO).
Mr. Anstice resigned as the company investigates allegations of
misconduct in the workplace and conduct inconsistent with the
company’s core values, including allegations about Mr. Anstice. The
alleged conduct did not involve financial misconduct, nor did it
relate to questions regarding the integrity of the company’s
financial systems or controls. Upon learning of the allegations,
the Board of Directors formed a committee of independent directors
led by Lead Independent Director Abhi Talwalkar to conduct an
investigation of the allegations, which is ongoing. The independent
directors retained an external law firm to assist with the
investigation. Mr. Anstice will be leaving the company without
receiving any severance benefits.
Mr. Archer was appointed president and COO of Lam Research in
January 2018, after serving as COO since June 2012 when Lam
completed its acquisition of Novellus Systems, Inc. He joined
Novellus in 1994 and held numerous positions throughout his tenure
there, including serving as COO at the time of the acquisition by
Lam Research.
“The board believes strongly in Lam’s vision and strategy. With
Martin’s resignation, we are implementing our existing succession
plan in which Tim was designated to succeed Martin. We are
confident that Tim is the right leader to execute on the company’s
strategic agenda and drive success in the coming years,” said Mr.
Talwalkar. “Since joining us over six years ago with the
acquisition of Novellus, Tim has been instrumental in leading Lam
Research through a period of transformational growth, and we are
confident our company and stakeholders will continue to prosper
under Tim’s leadership.”
Mr. Archer commented, “I am honored to lead Lam Research at a
time of great opportunity for our company. Lam has industry-leading
technologies and is well-positioned to capitalize on the multiple
demand drivers for the semiconductor industry. We are committed to
our long-term strategy of value creation for our customers,
employees, business partners, and stockholders.”
Mr. Talwalkar added, “Lam Research takes all allegations of
misconduct seriously. An integral part of the culture of Lam
Research is our commitment to provide a safe and positive work
environment where each of our employees has the opportunity to
thrive. The company has policies in place to support and enforce
this commitment.”
Lam Research also reaffirms its financial guidance for the
December 2018 quarter, as communicated in the press release dated
October 16, 2018. An update to our financial performance and
business outlook will be provided at our customary quarterly
earnings call on January 23, 2019.
Caution Regarding Forward-Looking
StatementsStatements made in this press release that are
not of historical fact are forward-looking statements and are
subject to the safe harbor provisions created by the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements relate to, but are not limited to Lam’s business,
product and service strategies, the future prosperity and success
of the company, and the outcomes and components of the financial
guidance for the Company’s current and future quarters. Some
factors that may affect these forward-looking statements include:
business conditions in the consumer electronics industry, the
semiconductor industry and the overall economy; and the actions of
our customers and competitors, as well as the other risks and
uncertainties that are described in the documents filed or
furnished by us with the Securities and Exchange
Commission, including specifically the Risk Factors described in
our annual report on Form 10-K for the fiscal year ended
June 24, 2018 and our quarterly report on Form 10-Q for the
fiscal quarter ended September 23, 2018. These uncertainties and
changes could materially affect the forward-looking statements and
cause actual results to vary from expectations in a material way.
The Company undertakes no obligation to update the information or
statements made in this release.
About Lam Research Lam Research Corp. is a
global supplier of innovative wafer fabrication equipment and
services to the semiconductor industry. As a trusted, collaborative
partner to the world’s leading semiconductor companies, we combine
superior systems engineering capability, technology leadership, and
unwavering commitment to customer success to accelerate innovation
through enhanced device performance. In fact, today, nearly every
advanced chip is built with Lam technology. Lam Research (Nasdaq:
LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif.,
with operations around the globe. Learn more at
www.lamresearch.com. (LRCX-B)
Investor ContactDoug Bettinger, Executive Vice
President, Chief Financial OfficerPhone number:
510-572-1615Email: investor.relations@lamresearch.com
Media ContactsNazan Riahei, Abernathy MacGregor
Phone number: 213-630-6550Email: nkr@abmac.com
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