Photronics Announces Chief Financial Officer Appointment

Rhea-AI Summary

Photronics (NASDAQ: PLAB) has appointed Eric Rivera as its new chief financial officer (CFO), effective immediately. Rivera, who has been with the company since 2020 as chief accounting officer and interim CFO since February 2024, brings extensive financial expertise to his new role. CEO Frank Lee expressed confidence in Rivera's ability to contribute to the company's profitability and shareholder value. Rivera himself is optimistic about leveraging his experience to enhance the company's financial health and drive profitable growth.

Positive

• Eric Rivera has a strong background, having served as chief accounting officer since 2020, which indicates continuity and stability.
• CEO Frank Lee's statement shows confidence in Rivera's ability to contribute to shareholder value and profitability.
• Rivera's appointment is effective immediately, which ensures no gap in CFO responsibilities.

Negative

• Rivera has only been interim CFO since February 2024, which might raise concerns about his experience in this specific role.
• The press release lacks specific details on Rivera's previous accomplishments or how his strategies will differ from prior CFOs.

BROOKFIELD, Conn., May 28, 2024 (GLOBE NEWSWIRE) -- Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today announced that Eric Rivera, has been promoted to chief financial officer, effective immediately. Eric previously held the role of interim CFO since February 2024 and served as chief accounting officer since 2020.

“I am pleased to have Eric join our leadership team in this important role as we work together to continue growing profitably and creating shareholder value,” said Frank Lee, chief executive officer. “His experience at Photronics and his overall financial knowledge will be valuable to our finance organization and the entire company. I look forward to partnering with Eric on strategic priorities as we position the company for a successful future.”

Eric Rivera added, “We have a strong team here at Photronics and I am grateful for this opportunity. Working closely with our leadership on strategic priorities, I’m excited to help drive profitable growth and continue focusing on the financial health of the company.”

About Photronics

Photronics is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks. High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 50 years. As of October 31, 2023, the company had approximately 1,885 employees. The company operates 11 strategically located manufacturing facilities in Asia, Europe, and North America. Additional information on the company can be accessed at www.photronics.com.

For Further Information:
Eric Rivera
Vice President & CFO
203.740.5283
erivera@photronics.com

FAQ

Who is the new CFO of Photronics (PLAB)?

Eric Rivera has been appointed as the new CFO of Photronics, effective immediately.

When did Eric Rivera become the interim CFO of Photronics?

Eric Rivera became the interim CFO of Photronics in February 2024.

What was Eric Rivera's role before becoming the CFO of Photronics?

Before becoming the CFO, Eric Rivera served as the chief accounting officer since 2020.

What did CEO Frank Lee say about Eric Rivera’s appointment?

CEO Frank Lee expressed confidence in Rivera's ability to contribute to the company's profitability and shareholder value.

What are Eric Rivera's goals as the new CFO of Photronics?

Eric Rivera aims to leverage his financial expertise to enhance the company's financial health and drive profitable growth.