September 9, 2011 - Marketwire -- Lam Research Corporation (NASDAQ:LRCX) will transition Martin B. Anstice to CEO, effective January 1, 2012. Anstice has spent 10+ years with LRCX, including his roles as president and COO (current), and CFO. Current CEO Stephen G. Newberry will serve as vice chairman after the leadership change.
Anstice will retain the president and chief operating officer roles with Lam Research as he moves to CEO. He is the second internal CEO appointment for Lam.
Newberry praised Anstice's ability to deliver "solid results" in "challenging business environments." At least one analyst agrees: Timothy Arcuri, Citigroup Investment Research, says that Anstice "helped to transform LRCX's manufacturing operation to 'best-in-class,' an outsourced model that has been successfully emulated by many other companies including Veeco (VECO)."
Arcuri also called Newberry "one of the best CEOs in this or any sector," and commended his transition to another executive role. As vice chairman, Newberry will focus on LRCX's strategic direction and engage with key customers and shareholders. Arcuri does not expect Lam Research's corporate strategy to change with the leadership shuffle.
Under Newberry, Lam achieved 50% market share in the dry etch market, entered the single-wafer wet clean business, surpassed $3 billion in revenue for fiscal year 2011, and gained the position as the fourth largest wafer fabrication equipment supplier in the world.
Lam Research Corporation makes wafer fabrication equipment for semiconductor manufacturing. Lam's common stock trades on The NASDAQ Global Select Market(SM) under the symbol LRCX. Lam Research is a NASDAQ-100 company. For more information, visit www.lamresearch.com.
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