ASMI NV ANNOUNCES NOMINATION OF HICHEM M’SAAD AS MANAGEMENT BOARD MEMBER AND SET UP OF EXECUTIVE COMMITTEE IN SUPPORT OF ITS GROWTH AMBITIONS
ASM International N.V., based in Almere, Netherlands, announced significant changes to its corporate governance on February 1, 2022. These changes include the nomination of Hichem M’Saad as a new member of the Management Board and Chief Technology Officer (CTO), expanding the board to three members. The formation of an Executive Committee has also been initiated to enhance the company's growth strategy. M’Saad, with over 25 years in the semiconductor equipment industry, is expected to drive innovation. The company is scheduled to request shareholder approval for this appointment during the AGM on May 16, 2022.
- Hichem M’Saad brings over 25 years of semiconductor equipment experience, expected to enhance innovation.
- The expansion of the Management Board indicates a proactive approach to support future growth and technological advancements.
- Concerns may arise regarding continuity and experience gaps following the retirement of long-term CTO Ivo Raaijmakers.
Almere, The Netherlands
February 1, 2022, 8.00 a.m. CET
ASM International N.V. (Euronext Amsterdam: ASM) today announces the following changes to its corporate governance structure:
- The Supervisory Board intends to expand the Management Board with a third member.
- The Supervisory Board has decided to nominate Mr. Hichem M’Saad as new member of the Management Board and Chief Technology Officer.
- ASMI will furthermore set up an Executive Committee as per today.
The Supervisory Board of ASMI has nominated Hichem M’Saad to join the Management Board. The expansion of the Management Board is important in view of the strong growth of ASMI in recent years and the growth ambitions for the coming years. The responsibilities of Mr. M’Saad as a Management Board member will be for ASM’s technical product portfolio and future technologies and innovation, with the title of Chief Technology Officer (CTO). He is to join Benjamin Loh, CEO, President and Chairman of the Management Board, and Paul Verhagen, CFO and member of the Management Board.
Hichem M’Saad was born in Tunisia and has both US and Tunisian nationalities. He has a proven track record of more than 25 years in the semiconductor equipment industry. Since 2015 Hichem works for ASM. Based in Phoenix USA, he started in 2015 as the Senior Vice President and General Manager of the Thermal Products business unit. Since 2019 he fulfills the role of Executive Vice President and General Manager Global Products which includes the responsibility of the development of ASM’s ALD, Epi, VF, and PECVD products. He has been instrumental in developing several of ASM’s new innovative and successful products, including the Intrepid ES, Synergis, Previum, and A400 DUO. He started his career within Applied Materials from 1994 until 2008. From 2003 until 2006 he was Vice President and General Manager of the Plasma Enhanced Chemical Vapor Product Unit, after which he became Corporate Vice President and General Manager of the Dielectric Systems and Modules and CMP business units responsible for all the dielectric CVD and CMP products until 2008. After that Hichem started his own solar company of which he was the CEO for six years.
Hichem M’Saad has a bachelor degree in Metallurgical Engineering from the Colorado School of Mines, a master’s degree in Materials Science and Engineering from Cornell University, and a PhD in Materials Science and Engineering from the Massachusetts Institute of Technology. He has authored 57 technical articles and he holds nearly 200 granted patents.
Martin van Pernis, Chairman of the Supervisory Board, said: “The Supervisory Board is very pleased to nominate Hichem as he is an expert in the industry with deep semiconductor technology knowledge. He has made a significant contribution to the success of ASM over the last years, both in the area of product innovation as well as in customer interactions. The combination of expanding the Management Board and the set up of an Executive Committee is regarded as a logical next step in the leadership’s organization of ASMI in order to be prepared for the future development and continued growth of ASMI.”
Benjamin Loh, CEO, President and Chairman of the Management Board, mentioned: “It is my conviction that with these changes in our governance structure we are even better positioned to realize our growth ambitions. I also welcome the nomination of Hichem as a member to the Management Board and I believe that he will have many contributions to the Management Board and the company at large.”
The remuneration package of Mr. M’Saad shall consist of a base salary of US
Furthermore ASMI announces that per today it has an Executive Committee (“Exco”). The Exco consists of the Management Board, Hichem M’Saad in his current role of General Manager Global Products and as CTO, and four other senior executive leaders, Brian Birmingham, Senior Vice President Global Sales, Kent Rossman, Corporate Vice President Services and Spares, Bruce Ragsdale, Corporate Vice President Global Operations, and Ralph Otte, Corporate Vice President Global People. These members of the Exco are essential in driving and executing the Growth through Innovation strategy of the company. The Executive Committee shall assist the Management Board in managing the company in respect of among others: day-to-day management, strategic matters, leadership, people, culture, and sustainability.
The ASMI shareholders will be requested to appoint Hichem M’Saad as a Management Board member for a four-year term at the Annual General Meeting of Shareholders on May 16, 2022 (“AGM”). After that the Supervisory Board will appoint Mr. M’Saad as the CTO. An amended Remuneration Policy will also be presented to the AGM as an agenda item.
It is also announced that Ivo Raaijmakers decided to retire as of the end of 2021 after a successful career of which the last twenty-two years as CTO and Vice President of Corporate R&D at ASMI. Ivo will continue to serve as an advisor to the company.
Benjamin Loh, CEO, President and Chairman of the Management Board, mentioned: “I would like to thank Ivo for all his accomplishments. During his tenure as executive within ASMI, Ivo has been instrumental for many technological developments thereby securing ASMI’s position as an innovation leader in our industry. It is a great pleasure to know that Ivo will continue to advice ASMI in the future.”
About ASM International
ASM International NV, headquartered in Almere, the Netherlands, its subsidiaries and participations design and manufacture equipment and materials used to produce semiconductor devices. ASM International, its subsidiaries and participations provide production solutions for wafer processing (Front-end segment) as well as for assembly & packaging and surface mount technology (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International's common stock trades on the Euronext Amsterdam Stock Exchange (symbol ASM). For more information, visit ASMI's website at www.asm.com.
Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics and other risks indicated in the Company's reports and financial statements. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
CONTACT
Investor and Media contact:
Victor Bareño
T: +31 88 100 8500
E: investor.relations@asm.com
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