Axcelis Technologies Announces CFO Succession James Coogan to Become Executive Vice President and CFO in October 2023

Rhea-AI Summary

Axcelis Technologies, Inc. has named James Coogan as the new Executive Vice President and Chief Financial Officer, succeeding Kevin Brewer. Mr. Coogan brings over 20 years of finance experience and will join the company in October 2023. Mr. Brewer will assume the title of Executive Vice President, Finance and Operations and plans to retire at year-end 2023. The transition of the finance function will be supported by Mr. Brewer. Mr. Coogan's appointment is expected to contribute to the company's growth and long-term shareholder returns.

Positive

• Axcelis Technologies appoints James Coogan as new CFO, bringing over 20 years of finance experience
• Mr. Brewer will support the transition of the finance function to Mr. Coogan
• The appointment of Mr. Coogan is expected to drive further growth and long-term shareholder returns

Negative

• None.

BEVERLY, Mass., Sept. 5, 2023 /PRNewswire/ -- The Board of Directors of Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today named James Coogan to succeed Kevin Brewer as Executive Vice President and Chief Financial Officer. Mr. Coogan will join the Company in October 2023. At that time, Mr. Brewer will assume the title of Executive Vice President, Finance and Operations. He will continue to manage the Company's manufacturing operations and will support the transition of the Company's finance function to Mr. Coogan. Mr. Brewer plans to retire at year-end 2023 and will remain as a Senior Advisor through 2024.

Mr. Coogan brings more than 20 years of finance, accounting, and investor relations experience across multiple industries, most recently in aerospace and defense. Mr. Coogan joins Axcelis after serving as Senior Vice President, Chief Financial Officer at Kaman Corporation, a leading provider of aerospace and defense products. During his 15 years with Kaman, he held various management positions including Vice President, Investor Relations and Corporate Development, Assistant Vice President, External Reporting and SEC Compliance, and Director, External Reporting and SEC Compliance. After starting his career at PwC, he held several financial management roles at Ann Taylor Stores Corporation and Mohegan Tribal Gaming Authority before joining Kaman. He holds a Master of Business Administration from Yale School of Management, a Master of Science in Accounting from the University of Connecticut and a Bachelor of Science in Business Administration, Accounting from the University of Connecticut.

Mr. Brewer has had a 24 year career at Axcelis. He came to Axcelis through Eaton Corporation and held numerous executive level positions in the Company including CFO and EVP of Global Operations for the past 10 plus years. Prior to joining Eaton, Mr. Brewer held numerous senior level positions at Raytheon Companies Aircraft, Electronic Systems and Missile systems Divisions.

"We are immensely grateful for the contributions and legacy Kevin has left on this Company. His knowledge and experience during a unique time in Axcelis' history enabled us to strengthen the Company and position it for a very bright future," said Executive Chairperson Mary Puma. "Through his leadership, the Company has increased operational efficiencies, strengthened the supply chain, improved financial performance and increased the Company's pace of profitable growth."

President and CEO Russell Low stated, "I also want to express my gratitude to Kevin for his contributions and leadership. After an extensive search, we are delighted to announce that Jamie will be joining Axcelis as our new CFO. He is a seasoned executive with a proven track record and his wealth of knowledge and experience will be of great benefit as we continue to focus on the tremendous growth opportunities ahead for Axcelis. We are confident that Jamie will help the team continue to deliver the growth and profitability that investors have come to expect from Axcelis."

Kevin Brewer commented, "I have been planning this transition in coordination with the Board and believe now is the right time to transition the Finance function. I will continue to oversee Manufacturing Operations through year end, at which time I will move into the Senior Advisor role, supporting both functions as needed through 2024. I am grateful for the honor and privilege to serve as CFO during this pivotal time in the Company's history. I want to thank the entire Axcelis team for their hard work and unwavering commitment to lead us here. I also want to thank our customers, suppliers and shareholders who have supported Axcelis over the years."

James Coogan stated, "I am thrilled to join Axcelis during such an exciting time and I look forward to partnering with the leadership team and the Board to build on the Company's success and drive further growth and long-term shareholder returns."

About Axcelis:

Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for 45 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

CONTACTS:

Maureen Hart (editorial/media) 978.787.4266
Doug Lawson (investor relations) 978.787.9552

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SOURCE Axcelis Technologies, Inc.

FAQ

Who is the new Chief Financial Officer of Axcelis Technologies?

James Coogan is the new Chief Financial Officer of Axcelis Technologies.

When will James Coogan join the company?

James Coogan will join the company in October 2023.

What will Kevin Brewer's new role be?

Kevin Brewer will assume the title of Executive Vice President, Finance and Operations.

When does Kevin Brewer plan to retire?

Kevin Brewer plans to retire at year-end 2023.

What is the expectation for James Coogan's appointment?

James Coogan's appointment is expected to drive further growth and long-term shareholder returns.