Ichor Announces Jeff Andreson to Succeed Tom Rohrs as CEO Effective January 6, 2020; Rohrs Transitions to Executive Chairman
FREMONT, Calif.--(BUSINESS WIRE)--Nov 5, 2019--
Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering and manufacturing of critical fluid delivery subsystems for semiconductor capital equipment, today announces the transition of Tom Rohrs to executive chairman of the company and the promotion of Jeff Andreson to chief executive officer, effective January 6, 2020.
Remarking on Mr. Andreson’s promotion, Tom Rohrs said, “Since our IPO nearly three years ago, one of my primary goals has been to build the strongest possible team to lead the company. Since Jeff assumed the president role earlier this year, he has been doing an excellent job running the company and engaging with customers. The organization has never been stronger than it is today. Heading into 2020, I will continue to work closely with Jeff and be directly engaged with the strategic vision of Ichor as the executive chairman.”
“It is an honor to succeed Tom as CEO at a very exciting time for Ichor,” commented Jeff Andreson, president of Ichor. “We have built an exceptionally strong team to lead the company through this next phase of growth. We’ve expanded our portfolio of proprietary technologies that we believe will strengthen our partnerships with our largest customers and enable us to expand with them globally. I want to thank Tom and our other board members for their confidence and trust in me to lead the company.”
“On behalf of the entire board of directors, I want to thank Tom for his strong leadership, strategic vision, and execution of our financial performance objectives during his tenure as CEO of Ichor,” added Andrew Kowal, the company’s longest-serving independent director. “We look forward to continuing to collaborate with Tom in his ongoing role with the company as executive chairman and have great confidence in Jeff and the team to execute on the many strategic opportunities ahead.”
We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment. Our product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also manufacture precision-machined components, weldments, and proprietary products for use in fluid delivery systems for direct sales to our customers. We also manufacture certain components for internal use in fluid delivery systems and for direct sales to our customers. This vertically-integrated portion of our business is primarily focused on metal and plastic parts that are used in gas and chemical systems, respectively. Ichor is headquartered in Fremont, CA. www.ichorsystems.com.
Safe Harbor Statement
Certain statements in this release are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “guidance,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” “look forward,” and similar expressions are used to identify these forward-looking statements.
Examples of forward-looking statements include, but are not limited to, statements regarding expected revenue, growth, earnings, profitability, and industry trends, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on management’s current expectations and assumptions regarding Ichor’s business and industry, the economy and other future conditions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Many factors could cause actual results to differ materially and adversely from these forward-looking statements, including: (1) dependence on expenditures by manufacturers and cyclical downturns in the semiconductor capital equipment industry, (2) reliance on a very small number of original equipment manufacturers for a significant portion of sales, (3) negotiating leverage held by our customers, (4) competitiveness and rapid evolution of the industries in which we participate, (5) risks associated with weakness in the global economy and geopolitical instability, (6) keeping pace with developments in the industries we serve and with technological innovation generally, (7) designing, developing and introducing new products that are accepted by original equipment manufacturers in order to retain our existing customers and obtain new customers, (8) managing our manufacturing and procurement process effectively, (9) defects in our products that could damage our reputation, decrease market acceptance and result in potentially costly litigation, (10) dependence on a limited number of suppliers and (11) the integration of recent acquisitions with Ichor, including the ability to retain customers, suppliers and key employees. Additional information concerning these and other factors can be found in Ichor’s filings with the Securities and Exchange Commission (the “SEC”), including other risks, relevant factors and uncertainties identified in the “Risk Factors” section of Ichor’s Annual Report on Form 10 K filed with the SEC on March 8, 2019, and subsequent filings with the SEC.
All forward-looking statements in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. We undertake no obligation to update or revise any forward-looking statements contained herein, whether as a result of actual results, changes in Ichor’s expectations, future events or developments, or otherwise, except as required by law.
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CONTACT: Larry Sparks, CFO 510-897-5200
Claire McAdams, IR & Strategic Initiatives 530-265-9899
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: ENGINEERING SEMICONDUCTOR CHEMICALS/PLASTICS TECHNOLOGY MANUFACTURING OTHER MANUFACTURING HARDWARE
SOURCE: Ichor Holdings, Ltd.
Copyright Business Wire 2019.
PUB: 11/05/2019 04:10 PM/DISC: 11/05/2019 04:10 PM