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Posted 15 August, 2022

AMTECH SYSTEMS INC appointed new CEO

CEO Change detected for ticker Nasdaq:ASYS in a 8-K filed on 15 August, 2022.


  On August 9, 2022, Amtech Systems, Inc. and Mr. Jong S. Whang, the Company's former Chief Executive Officer and Chairman of the Board of Directors and a current executive and director, mutually decided that Mr. Whang would transition to a non-executive employment role effective immediately and retire from his position as director effective December 31, 2022.  

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Overview of AMTECH SYSTEMS INC
Technology • Semiconductors
Amtech Systems, Inc. engages in the manufacture of semiconductors and capital equipment. It operates through the Semiconductor and Material and Substrate segments. The Semiconductor segment involves the designing, manufacturing, selling, and servicing of thermal processing equipment and related controls for use by semiconductor manufacturers, and in electronics, automotive, and other industries. The Material and Substrate segment produces consumables and machinery for lapping and polishing materials, such as sapphire substrates, optical components, silicon wafers, and numerous types of crystal materials, ceramics, and metal components. The company was founded by Jong S. Whang in October 1981 and is headquartered in Tempe, AZ.
Market Cap
$70.7M
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AMTECH SYSTEMS INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On August 9, 2022, Amtech Systems, Inc. and Mr. Jong S. Whang, the Company's former Chief Executive Officer and Chairman of the Board of Directors and a current executive and director, mutually decided that Mr. Whang would transition to a non-executive employment role effective immediately and retire from his position as director effective December 31, 2022. Mr. Whang's decision to retire is not a result of any disagreement between the Company and Mr. Whang on any matter relating to the Company's operations, policies or practices. In connection with his retirement, the Company and Mr. Whang entered into a letter agreement (the "Agreement"), which terminated the Second Amended and Restated Employment Agreement between the Company and Mr. Whang, dated February 9, 2012 (as amended, the "Employment Agreement") and detailed the terms of Mr. Whang's continued at-will employment in an M&A support role to the Company as well as his continued compensation and severance.


Pursuant to the Agreement, for his services as a non-executive advisor, Mr. Whang will receive an annual base salary of $100,000 and be provided such employee benefits as are provided to other employees of the Company in accordance with Company policy through December 31, 2023 when his at-will employment will automatically terminate. Additionally, pursuant to the Agreement, upon his retirement from the Board, the Company will pay Mr. Whang a lump sum payment equal to $400,000.00, subject to applicable deductions required by law, and he will be eligible to receive additional incentive compensation dependent on the completion of certain milestones as outlined in the Agreement.


The foregoing summary of the Agreement does not purport to be a complete description and is qualified in its entirety by the full text of the Agreement, which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ending September 30, 2022, subject to a request for confidential treatment with respect to certain portions of the Agreement.