Intevac Appoints Nigel Hunton as Chief Executive Officer
SANTA CLARA, Calif. – January 20, 2022 – Intevac, Inc. (Nasdaq: IVAC, “Intevac” or “the Company”), a leading provider of thin film processing systems, today announced the appointment Nigel Hunter as President and Chief Executive Officer (CEO) and Member of the Board of Directors, effective January 19and. Wendell Blonigan, who has been president and chief executive officer and a director of the company since 2013, retired from his role at Intevac, effective January 18and.
“Nigel brings a wealth of experience in capital equipment and thin film processing technologies, with a proven track record in developing and executing strategies to create long-term shareholder value, which is most recently manifested during his tenure at Photon Control,” said David S. Dury, Chairman of the Board of Intevac. “The Board of Directors has given Nigel the mandate to fully evaluate all avenues for increasing our market value, including but not limited to assessing our potential for revenue growth across our multiple current end markets, while streamlining and right-sizing the company to position Intevac for positive cash flow generation and a return to profitability as soon as possible We remain firmly committed to increasing value for our shareholders, while maintaining the strength of our balance sheet and being responsible stewards of the Company’s cash and investments. We are pleased to welcome a CEO of Nigel’s caliber to lead the charge.”
“Wendell recently successfully completed the sale of the Photonics business, which greatly simplified the business from a shareholder perspective,” commented Dury. “The entire Board of Directors would like to thank Wendell for his many contributions to the Company, including building a strong team of seasoned management professionals and talented employees. We all wish him the best for his future. retirement.”
With 35 years of leadership experience, Mr. Hunton has successfully led companies to accelerated growth and increased shareholder value in the United States, Canada, Asia and Europe. Most recently, Mr. Hunton served as CEO of Photon Control, a leading supplier of fiber optic position and temperature measurement components to the semiconductor equipment industry. Photon Control was listed on the Toronto Stock Exchange until it was acquired by MKS Instruments in July 2021 for over $300 million. During Mr. Hunton’s tenure, which began in early 2019, Photon Control’s revenue more than doubled and its market valuation tripled. Previously, Mr. Hunton served as President and Chief Operating Officer of Ferrotec USA, a leading supplier of materials and components to the semiconductor industry and prior to that as CEO of MBA Polymers, the leading recycler of technologies unique to the world of high-value plastics. He previously served as CEO and Chairman of Edwards Limited, the market-leading global vacuum technology company, where he led the sale of the company in 2007 and then successfully restructured the business to increase profit margins and annual revenues exceeding $1 billion. In addition, Mr. Hunton is a member of the advisory board of Arsenal Capital Partners, a private equity firm. Throughout his career, he has consistently driven increased shareholder value by setting clear strategic direction, restructuring businesses, transforming corporate profitability and executing strategic combinations.
“Intevac has long been recognized as an innovator with multiple strengths in high-volume, small-substrate and thin-film processing technologies,” said Nigel Hunton, Intevac’s incoming President and CEO. “With our history of market leadership in the hard drive industry well understood, I look forward to driving revenue growth and market share gains during this next phase of industry investment in capability and media technology, while evaluating the company’s initiatives in other end markets.My immediate objective is to meet face-to-face with each key customer, current and potential, to understand their needs and our potential to At the same time, I will focus on fully understanding our organization internally and ensuring that our resources are properly aligned with the most promising prospects for growth, cash flow and earnings. success and realize increased value for Intevac’s customers and shareholders.
We are a leader in the design and development of high productivity thin film processing systems. Our production-proven platforms are designed for the large-scale fabrication of substrates with precise thin-film properties, such as the markets for hard disk drive carriers, display cover panels, solar photovoltaic panels and semiconductors. -advanced drivers we currently serve. For more information, call 408-986-9888 or visit the company’s website at www.intevac.com.
This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), for which Intevac claims safe harbor protection in the Reform Act. These forward-looking statements are often characterized by the words “may”, “believe”, “plan”, “expect” or “anticipate” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to, the company’s revenue growth potential and opportunities; our ability to streamline the business, reduce expenses and generate positive earnings and cash flow; maintain the strength of the Company’s balance sheet; increase shareholder value; increase shareholder value; as well as any other statements of expectation or belief, statements regarding plans and opportunities, and statements of assumptions underlying any of the foregoing.
The forward-looking statements contained herein involve risks and uncertainties and assumptions which, if not fully materialized or prove to be incorrect, could cause actual results to differ materially from the Company’s expectations. These risks include, but are not limited to: whether Intevac is successful in evaluating and pursuing revenue growth opportunities, reducing expenses and generating profits and cash flow; retention of current members of the management team; difficulties in improving business execution and product development during business and management transitions; fluctuations and volatility in the price of our shares; our ability to successfully execute current strategic plans and develop new ones; our ability to maintain relationships with our customers and partners; our ability to achieve our cost and operating efficiency targets; fluctuations in our sales pipeline; the success of the development of new products and the extent to which these products are accepted by the market; and general market, political, economic and business conditions, as well as risks and uncertainties included under the headings “Risk Factors” and “MD&A and Discussion of Financial Condition and Results of Operations” in our Form 10 -Q filed with the Securities and Exchange Commission on November 2, 2021, which is available in the Investor Relations section of our website at https://ir.intevac.com and on the SEC website at www.sec.gov. All of these risks and factors could materially affect our business, financial results and the price of the Company’s shares.
All forward-looking statements contained in this press release are based on information available to the Company as of the date hereof, and Intevac undertakes no obligation to update any of these forward-looking statements to reflect events that occur or circumstances that exist after the date they were made, except as required by law.
Intervac Inc. published this content on January 20, 2022 and is solely responsible for the information contained therein. Distributed by public, unedited and unmodified, on Jan 20, 2022 2:10:05 PM UTC.
Public now 2022
Trends Technical Analysis INTEVAC, INC.
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