Intevac Appoints Cameron McAulay as Chief Financial Officer

Rhea-AI Summary

Intevac has appointed Cameron McAulay as its new Chief Financial Officer (CFO), effective immediately. McAulay succeeds Kevin Soulsby, who has been serving as interim CFO since August 2023 and will now resume his role as Corporate Controller. McAulay brings over 25 years of financial management experience, having previously served as CFO of Transphorm, a NASDAQ-listed semiconductor company recently acquired for $339M by Renesas Electronics. His background includes roles at KLA , Atmel , and National Semiconductor Intevac's CEO, Nigel Hunton, expressed confidence in McAulay's ability to drive the company's strategic growth initiatives.

Positive

• Appointment of Cameron McAulay as CFO, bringing 25 years of experience in the semiconductor industry.
• McAulay's previous role as CFO of Transphorm led to a $339M acquisition.
• Proven track record in operational finance and public company experience.

Negative

• Kevin Soulsby stepping down from interim CFO role may create concerns about continuity.
• Transitioning leadership during a key growth phase could introduce risks.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intevac, Inc. (Nasdaq: IVAC), a leading supplier of thin-film processing systems, today announced the appointment of Cameron McAulay as the Company’s chief financial officer (CFO), effective today. Mr. McAulay succeeds Kevin Soulsby, who has served as interim CFO since August 2023 and today resumes his role as corporate controller for Intevac.

Cameron McAulay brings extensive experience in operational finance and over 25 years of financial management expertise to Intevac. Mr. McAulay served as CFO of Transphorm, Inc., a NASDAQ-listed semiconductor company and pioneer in GaN power conversion products, from 2015 until its recent $339M acquisition by Renesas Electronics Corporation. Prior to Transphorm, he served as finance director, worldwide customer group for KLA Corporation, a leading semiconductor capital equipment company, from 2012 to 2015. His earlier financial leadership experience included audit, controller, and business unit director roles at Atmel Corporation and National Semiconductor Corporation. Mr. McAulay earned his BS in Math, Statistics and Accountancy, with honors, from the University of Strathclyde in Glasgow, Scotland.

“We are very pleased to welcome to Intevac a CFO with over 20 years of experience in the global electronics and semiconductor industries, with a proven track record of success,” commented Nigel Hunton, Intevac’s president and chief executive officer. “Cameron’s substantial public company experience, fresh perspectives, strategic acumen, and true expertise in electronic device manufacturing will make him a tremendous asset to Intevac as we execute on our strategic growth initiatives. I look forward to working in close partnership with Cameron as he succeeds Kevin as our CFO. All of us at Intevac are grateful to Kevin for stepping into the CFO role for the last year.”

“I am excited to be joining Intevac at this key time, and am eager to contribute to the Company’s growth strategy,” commented Mr. McAulay. “I look forward to working with Nigel and the team to realize the significant growth potential ahead and deliver value for all of Intevac’s stakeholders.”

About Intevac, Inc.

Founded in 1991, we are a leading provider of thin-film process technology and manufacturing platforms for high-volume manufacturing environments. As a long-time supplier to the hard disk drive (HDD) industry, our industry-leading 200 Lean® platform supports the majority of the world’s capacity for HDD disk media production, as well as all technology upgrade initiatives currently underway in support of next-generation HAMR (heat-assisted magnetic recording) media. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we also are leveraging our technology and know-how for additional markets with our groundbreaking TRIO™ platform, which enables high-value coatings to be deployed cost-effectively on an array of glass displays and other substrates, including for consumer devices. For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240710413827/en/

Kevin Soulsby

Chief Financial Officer

(408) 986-9888

Claire McAdams

Investor Relations

(530) 265-9899

Source: Intevac, Inc.

FAQ

Who is the new CFO of Intevac?

Cameron McAulay has been appointed as the new CFO of Intevac.

When did Cameron McAulay become the CFO of Intevac?

Cameron McAulay became the CFO of Intevac effective immediately as of the announcement date.

What is Cameron McAulay's experience prior to joining Intevac?

Cameron McAulay served as CFO of Transphorm and held positions at KLA , Atmel , and National Semiconductor

Why is Kevin Soulsby stepping down as interim CFO of Intevac?

Kevin Soulsby is resuming his role as Corporate Controller after serving as interim CFO since August 2023.

What impact might Cameron McAulay's appointment have on Intevac's stock (IVAC)?

Cameron McAulay's extensive experience could positively influence Intevac’s strategic growth initiatives and potentially impact its stock performance.