AMTECH SYSTEMS INC appointed Robert C. Daigle as new CEO

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Appointment of New President and Chief Executive Officer


On August 8, 2023, the Board of Directors (the "Board") of Amtech Systems, Inc. (the "Company") approved the appointment of Robert C. Daigle to succeed Michael Whang as President and Chief Executive Officer of the Company effective August 8, 2023.


Mr. Daigle, age 59, was originally appointed to the Company's board of directors (the "Board") on August 12, 2021, and has served as the Company's Chairman of the Board since May 11, 2022. From March 2013 to March 2023, Mr. Daigle served as the Chief Technology Officer of Rogers Corporation ("Rogers"), a publicly traded global leader in engineered materials, including advanced electronic and elastomeric materials that are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, and industrial equipment. Mr. Daigle previously served in a number of other senior executive roles during his 30-year tenure at Rogers. Mr. Daigle holds a B.S in Chemical Engineering and Materials Engineering from the University Connecticut and an M.B.A. from Rensselaer Polytechnic Institute. During his tenure at Rogers, Mr. Daigle built and led two major divisions of Rogers, including its global Power Electronic Solutions business with annual revenue in excess of $150 million and over 700 employees on three continents, and its global circuit materials business with annual revenue in excess of $100 million and 450 employees worldwide.


The terms of Mr. Daigle's employment will be set forth in an employment agreement mutually acceptable to the Company and Mr. Daigle. The material terms of this employment agreement will be set forth in an amendment to this Form 8-K and will be filed as an exhibit to the Company's Form 10-K for the fiscal year ending September 30, 2023.


During his employment with the Company, Mr. Daigle will no longer be compensated for his service as the Company's Chairman of the Board; provided, however, that any unvested equity awards previously issued to Mr. Daigle during his service as a Board member shall continue to vest based on Mr. Daigle's continued service as an employee or a member of the Board.


There are no family relationships, as defined in Item 401 of Regulation S-K, between Mr. Daigle and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. Additionally, there have been no transactions involving Mr. Daigle that would require disclosure under Item 404(a) of Regulation S-K.


Departure of President and Chief Executive Officer


In connection with Mr. Daigle's appointment, Mr. Whang has informed the Company of his decision to step down as the Company's President and Chief Executive Officer to pursue other opportunities effective August 8, 2023. Following the effective date of Mr. Whang's resignation, Mr. Whang has agreed to remain with the Company as a consultant for a period of six (6) months, to assist Mr. Daigle with transition matters. Mr. Whang's decision to resign did not result from any disagreement with the Company, its management or the Board on any matter, whether related to the Company's operations, policies, practices or otherwise.