Photronics CEO Frank Lee to retire

Photronics (PLAB) announced that Dr. Frank Lee has informed Photronics of his plans to retire in the next year or two. In order to prepare for this transition, effective immediately, Dr. Lee has stepped down from his role as CEO of Photronics, but will continue to focus on the company’s Asia operations and will remain Chairman and President of Photronics’ PDMC subsidiary in Taiwan, while also remaining on the Photronics Board of Directors. George Macricostas will immediately assume the role of CEO of Photronics, Inc. while remaining Chairman of the Board. Commenting on the second-quarter performance, Dr. Lee said, “Our business in Asia continued to perform at a strong level and I am extremely proud of what we continue to accomplish. Node migration remains a positive driver of our IC business at both the high end and the higher end of mainstream. Strategically, we took an aggressive approach to return cash to our shareholders during the quarter, repurchasing $72M of our stock as an endorsement of our long-term business model.”