Onto Innovation Announces Investor Relations Transition Plan

Rhea-AI Summary

Michael Sheaffer, the current investor relations head at Onto Innovation Inc., is set to retire in July 2024. Sidney Ho is appointed as his successor after a successful search. Sheaffer, 74, joined in 2017 and played a crucial role in growing revenues 3X. Ho, with over 20 years of sell-side equity research experience, aims to enhance investor relations and communication strategies for long-term value creation.

Michael Sheaffer to retire in July 2024 following a successful search for successor

WILMINGTON, Mass.--(BUSINESS WIRE)-- Onto Innovation Inc. (NYSE: ONTO) (“Onto Innovation,” “Onto,” or the “Company”) today announced that Michael Sheaffer plans to retire from the Company in July this year. A successor search has now been successfully completed with Sidney Ho joining Onto Innovation as vice president of investor relations. Mr. Sheaffer will remain fully engaged in the investor relations role and will be the primary investor contact point until Mr. Ho assumes that responsibility during the Company’s investor meetings at SEMICON^® West in July 2024.

Mr. Sheaffer, 74, joined Rudolph Technologies in 2017 as senior director of investor relations and continued that role for Onto Innovation following the merger of Rudolph Technologies and Nanometrics. He shared, “It has been a great pleasure to finish my career at Onto Innovation where we created a new company supporting the semiconductor value chain while growing revenues 3X since I joined. Over the next few months, I am pleased to help Sidney transition into this exciting role.”

Mr. Ho joins Onto with more than 20 years of sell-side equity research experience covering the semiconductor, semiconductor capital equipment, and IT hardware industries. Most recently, he spent 10 years as a senior analyst at Deutsche Bank. Prior to that, he was a research analyst at Nomura Securities, Citi, and Merrill Lynch. Prior to his career in equity research, he spent six years in investment banking and public accounting. He said, “Onto offers a unique value proposition by having process control tools and software used across multiple markets in the semiconductor supply chain. There are multiple inflection points happening across the industry that have strong secular growth potential. I look forward to effectively communicating our corporate strategies tied to that growth and Onto’s financial performance to create long-term value for our investors.”

Mike Plisinski, Onto’s chief executive officer, commented, “We are excited to have Sidney join the Onto Innovation team. Sidney brings decades of valuable sell-side experience to the company. His extensive knowledge of the industry drivers and global relationships across the investment community will broaden our outreach while increasing support for our existing investors.”

He continued, “Mike has worn many hats over the years as we grew our market cap by 14X during his time with us. He worked tirelessly throughout, and we wish him a well-deserved and relaxing retirement!”

About Onto Innovation Inc.

Onto Innovation is a leader in process control, combining global scale with an expanded portfolio of leading-edge technologies that include: Un-patterned wafer quality; 3D metrology spanning chip features from nanometer scale transistors to large die interconnects; macro defect inspection of wafers and packages; metal interconnect composition; factory analytics; and lithography for advanced semiconductor packaging.

Our breadth of offerings across the entire semiconductor value chain combined with our connected thinking approach results in a unique perspective to help solve our customers’ most difficult yield, device performance, quality, and reliability issues. Onto Innovation strives to optimize customers’ critical path of progress by making them smarter, faster and more efficient.

With headquarters and manufacturing in the U.S., Onto Innovation supports customers with a worldwide sales and service organization. Additional information can be found at www.ontoinnovation.com.

Source: Onto Innovation Inc.
ONTO-IC

View source version on businesswire.com: https://www.businesswire.com/news/home/20240404796870/en/

Michael Sheaffer, +1 919.750.6732

mike.sheaffer@OntoInnovation.com

Source: Onto Innovation Inc.

FAQ

When is Michael Sheaffer planning to retire from Onto Innovation Inc.?

Michael Sheaffer plans to retire from Onto Innovation Inc. in July 2024.

Who will be succeeding Michael Sheaffer as the head of investor relations at Onto Innovation Inc.?

Sidney Ho will be succeeding Michael Sheaffer as the head of investor relations at Onto Innovation Inc.

How long has Michael Sheaffer been with Onto Innovation Inc.?

Michael Sheaffer joined Onto Innovation Inc. in 2017.

What role did Michael Sheaffer play in Onto Innovation Inc.?

Michael Sheaffer played a crucial role in growing revenues 3X since he joined Onto Innovation Inc.

What is Sidney Ho's background in terms of experience?

Sidney Ho has over 20 years of sell-side equity research experience covering the semiconductor, semiconductor capital equipment, and IT hardware industries.