Roy Vallee to Retire from Teradyne’s Board of Directors in 2021

Rhea-AI Summary

Teradyne (NASDAQ:TER) announced the retirement of Roy Vallee as Chairman of the Board, effective at the upcoming 2021 annual meeting of shareholders in May. Vallee has been a vital member of the Board for over 20 years, with the last six years as Chair. Teradyne's President and CEO, Mark Jagiela, praised Vallee's leadership and contributions to the company's growth during his tenure. The Board will select a new Chair after the annual meeting, marking a significant transition in leadership for the company.

Positive

• Vallee's tenure brought 20+ years of leadership and business acumen to Teradyne.
• His departure may offer fresh perspectives and new leadership dynamics.

Negative

• Potential concern regarding continuity and experience gap in Board leadership.

NORTH READING, Mass., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Teradyne, Inc. (NASDAQ:TER) announced today that Roy Vallee, Teradyne Chairman of the Board of Directors and a member of the Compensation, and Nominating and Governance Committees, will retire from the Board effective at the 2021 annual meeting of shareholders that is expected to be held in May 2021. Mr. Vallee will serve out the remainder of his term as Chair and the Board will elect a new Chair following the 2021 annual meeting of shareholders.

“Roy is a tremendous Board member whose leadership and wise counsel for over 20 years, the last six as Board Chair, have enabled Teradyne to thrive and grow,” said Mark Jagiela, Teradyne President and CEO. “His business acumen, integrity, and high standards have been valuable assets to the Board and our executive team. We thank Roy for his years of service and wish him well in his future pursuits.”

About Teradyne

Teradyne (NASDAQ:TER) brings high-quality innovations such as smart devices, life-saving medical equipment and data storage systems to market, faster. Its advanced test solutions for semiconductors, electronic systems, wireless devices and more ensure that products perform as they were designed. Its Industrial Automation offerings include collaborative and mobile robots that help manufacturers of all sizes improve productivity and lower costs. In 2019, Teradyne had revenue of $2.3 billion and today employs 5,500 people worldwide. For more information, visit teradyne.com. Teradyne^® is a registered trademark of Teradyne, Inc. in the U.S. and other countries.

For more information, contact:

Andy Blanchard
Investor Relations
Tel 978.370.2425
investorrelations@teradyne.com

FAQ

What is the reason for Roy Vallee's retirement from Teradyne's Board?

Roy Vallee is retiring from the Board as of the 2021 annual meeting, after over 20 years of service.

When will Roy Vallee's retirement take effect at Teradyne?

Vallee's retirement will take effect at the 2021 annual meeting of shareholders, expected in May 2021.

Who will succeed Roy Vallee as Chairman of Teradyne?

The Board will elect a new Chair following the 2021 annual meeting.

How long did Roy Vallee serve as Chairman of Teradyne?

Roy Vallee served as Chairman of the Board for the last six years.

What impact might Roy Vallee's retirement have on Teradyne?

There may be concerns about continuity in leadership and an experience gap following Vallee's retirement.