Mark Popovich Joins Intevac as Vice President of Business Development

Rhea-AI Summary

Intevac, Inc. (NASDAQ:IVAC) announced the appointment of Mark Popovich as vice president of business development effective October 10, 2022. Previously a director since February 2018, he resigned from the Board effective November 11, 2022. With over 25 years of industry experience, Popovich aims to bolster Intevac's growth in thin-film processing systems, emphasizing long-term revenue growth and shareholder value. He previously served in leadership roles at 3D Glass Solutions and Amkor Technology. Intevac, founded in 1991, leads in HDD media processing systems with over 180 200 Lean® systems delivered.

Positive

• Appointment of Mark Popovich as vice president of business development could enhance strategic direction.
• Popovich's extensive experience in the semiconductor industry may contribute positively to growth initiatives.
• Intevac's established presence in HDD media processing with continued demand for its 200 Lean platform.

Negative

• Popovich's resignation from the Board may lead to concerns about governance continuity.
• Forward-looking statements express uncertainty regarding revenue growth potential and risks related to COVID-19 impacts.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intevac, Inc. (Nasdaq:IVAC, “Intevac” or “the Company”), a leading supplier of thin-film processing systems, today announced that Mark Popovich has joined the Company as vice president of business development, effective October 10^th, 2022. Concurrent with his joining the Company full-time, he has resigned from his position as a member of the Board of Directors, effective November 11, 2022.

“Mark brings over 25 years of business development, process and business management, and director experience at some of the world’s leading semiconductor and electronics manufacturing companies,” said Nigel Hunton, president and chief executive officer of Intevac. “We have made significant progress in our growth initiatives, since Mark began working more closely with the team as a consultant this year, and we are excited that he has decided to join the Company full-time to lead our business development efforts. We will seek to fill Mark’s position on the Board in the coming months.”

Mr. Popovich has served as a director of Intevac since February 2018, including serving on the Nominating and Governance Committee of the Board from February 2018 to October 2022 as well as serving on the Audit Committee of the Board from March 2019 to May 2022. Beginning this year, Mr. Popovich has served as an independent industry consultant to semiconductor and display-related companies, and since May 2022 has provided professional services to Intevac related to business development activities in its equipment growth initiatives. From November 2017 until February 2022, Mr. Popovich served as CEO and director on the board of directors of 3D Glass Solutions, a privately-held company producing glass-based system-on-chip and system-in-package devices. Prior to 3D Glass, in 2017, Mr. Popovich was chief strategy officer of Semblant, Inc., a start-up specializing in waterproof nano-coatings for consumer electronics products. From 2013 until 2017, Mr. Popovich held corporate vice president positions including global head of new business at Henkel Corporation, a multi-national chemical and consumer goods company. From 2002 until 2013, Mr. Popovich held various leadership positions at Amkor Technology, an outsourced provider in the semiconductor assembly and packaging industry, including corporate vice president and general manager of Asia and vice president, business development. From 2015 to 2017, Mr. Popovich served on the boards of two private companies: Vitriflex Inc. and Dropwise Technology Corporation. Mr. Popovich holds a Bachelor of Science degree in Ceramic Science & Engineering from The Pennsylvania State University.

“Over the last several years, I have developed a deep understanding of the unique technology and expertise residing at Intevac, and it has been a pleasure to work closely with Nigel and the team over the past several months to accelerate the success of our thin-film equipment growth initiatives,” said Mark Popovich, Intevac’s incoming vice president of business development. “Intevac has made tremendous progress this year in its efforts to deliver long-term revenue growth and increase stockholder value. I look forward to driving success with our TRIO™ platform, which leverages Intevac’s long history of materials science and process engineering leadership, and makes this an exciting time to join the Company full-time.”

About Intevac

Founded in 1991, we are the world’s leading provider of hard disk drive (HDD) media processing systems. Over the last 20 years, we have delivered over 180 200 Lean® systems, which currently represent at least 65% of the world’s capacity for HDD disk media production. Today, we believe that all of the new media capacity additions for the HDD industry are being deployed on our 200 Lean platform. With over 30 years of leadership in designing, developing, and manufacturing high-productivity, thin-film processing systems, we also have opportunities to leverage our technology in additional applications, such as protective coatings for the display cover glass market. For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

Forward Looking Statements

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” 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 future financial performance. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. These risks include, but are not limited to, global economic impacts of COVID-19 including shipment delays, availability of components, supply chain constraints and other disruptions related to COVID-19, and changes in market dynamics that could change the delivery schedule of our systems and upgrades, each of which could have a material impact on our business, our financial results, and the Company's stock price. These risks and other factors are detailed in the Company’s periodic filings with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221012005325/en/

James Moniz

Chief Financial Officer

(408) 986-9888

Claire McAdams

Investor Relations

(530) 265-9899

Source: Intevac, Inc.

FAQ

What is the significance of Mark Popovich joining Intevac as vice president of business development?

Mark Popovich's appointment is expected to enhance Intevac's strategic direction in business development, leveraging his extensive experience in the semiconductor industry.

When did Mark Popovich become vice president of business development at Intevac?

Mark Popovich became vice president of business development at Intevac effective October 10, 2022.

What experience does Mark Popovich bring to Intevac?

Popovich brings over 25 years of experience in business development and management from leading semiconductor and electronics manufacturing companies.

What challenges does Intevac face according to the recent press release?

Intevac's press release mentions potential risks to revenue growth due to uncertainties related to COVID-19 and supply chain constraints.

What is the current market position of Intevac in the HDD media processing industry?

Intevac is a leading provider in HDD media processing, having delivered over 180 200 Lean® systems, which constitute 65% of global HDD disk media production capacity.