SAN FRANCISCO—Chip equipment supplier Entegris Inc. said Wednesday (Oct. 24) that its chief operating officer, Bertrand Loy, will be promoted to president and CEO next month after current chief executive Gideon Argov steps down.
Loy, who joined Entegris through the 2005 merger with Mykrolis Corp., will become president of the company and a member of its board of directors on Nov. 1. On Nov. 27, he will be promoted to CEO as Argov steps aside, Entegris (Billerica, Mass.) said.
Argov, who was CEO of Mykrolis prior to the merger and has been Entegris CEO since 2005, is resigning to pursue new opportunities.
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Prior to the merger, Loy was chief financial officer at Mykrolis. His early career included a role as chief information officer at Millipore and a variety of positions at Sandoz Pharmaceuticals from 1989 to 1995.
"I'm excited and honored by this opportunity," Loy said Wednesday in a conference call with analysts following Entegris' quarterly report. Though Loy said the company was seeing a softening business conditions in the semiconductor equipment industry, he added that he is excited about the future.
Argov said the past eight years have been challenging and satisfying and that the company has doubled in size under his watch. "I'd like to thank every Entegris employee for their dedication and support over these past eight years," Argov said. "The company is in good hands, and I will be watching its progress with great interest and affection."
Entegris reported third quarter sales of $184.4 million, down 2 percent from the previous quarter and up 7 percent compared to the third quarter of 2011. The company posted a net income of $18 million, or 13 cents per share, down 17 percent from the previous quarter and down 18 percent from the year-ago quarter.
For the fourth quarter, Entegris said it expects sales to decline to between $160 million and $170 million.
"The environment is uncertain and we continue to see signs of weakness in our industry, particularly with respect to capital spending," said Gregory Graves, the company's chief financial officer.