News

23 March 2009

 

AXT makes CFO principal executive officer pending appointment of interim CEO

AXT Inc of Fremont, CA, USA, which manufactures gallium arsenide, indium phosphide and germanium substrate and raw materials, says that its board of directors has invested chief financial officer Wilson W. Cheung with the responsibility of administering day-to-day operations. This follows the resignation of former CEO Phil Yin on 17 March.

Cheung is expected to perform the functions of principal executive officer in addition to his role as CFO during the transition period pending the appointment of an interim CEO to serve until a successor CEO can be named.

The board says that it intends to continue to work closely with Cheung and the other executive officers to ensure that the firm continues to operate smoothly and without interruption. Cheung is expected to handle daily administration of the firm, supported by Raymond A. Low, VP corporate controller. Minsheng Lin will manage operations at AXT’s facility in Beijing, China. Davis Zhang will manage joint venture operations. John J. Cerilli and Robert G. Ochrym will manage global sales, marketing and business development efforts, with continued assistance from the firm’s other executive officers.

“The board of directors is committed to helping management in any way necessary during this transition period,” says board chairman Jesse Chen. “We have complete confidence in the ability of our management team to effectively continue operations of our business while we move ahead in the process of appointing an interim CEO and pending appointment of a replacement CEO,” he adds.

“AXT enters 2009 with a strong financial position, and a diverse and comprehensive product portfolio addressing a range of growing and emerging markets,” says Cheung. “While the macro-environment presents some near-term challenges, we continue to believe that we can successfully leverage our competitive advantages and continue to strengthen our results and competitive positioning as the global economy improves.”

See related item:

AXT’s chairman & CEO Yin steps down

See: AXT Company Profile

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