Applied Materials, Inc (NASDAQ:AMAT)’s new CEO will have to apply thought
Applied Materials, Inc (NASDAQ:AMAT), the semiconductor company has appointed Gary Dickerson as its new CEO even as it grapples with dipping sales and profits. The 56-year old Dickerson will assume his CEO post on 1 September. He will be replacing Michael Splinter who has been in that seat since 2003. Dickerson joined AMAT after the company acquired Varian Semiconductor Equipment Associates in 2011. He was the CEO at that company. Prior to that, he worked with KLA-Tencor.
In a statement on Thursday, AMAT said that the new chief executive officer will deliver growth and revenue by strengthening its precision-engineering operations. When AMAT opened it shutters to its not-too-large factory in Mountain View, it was one of the 1st semiconductor companies in Silicon Valley. The company manufactures various tools that are used in fabrication plants that manufacture memory and chips. In addition it also produces products that are used in displays and solar cells.
The company reported its Q3 earnings for the 2013 financial year, last week. It reported a $168M profit in contrast to the 4218M that it stood at in the previous year in the same quarter. The Q3 revenue was $1.98M which was a drop from the $2.34 that it stood at in the same quarter last year. There was a dip in orders from factories in the quarter.
However, AMAT expects the orders to increase even as the fabricators get updated to make newer forms of memory such as 3D NAND Flash and smaller chips. The company said that when Splinter was at the helm, he led the company to record revenue and profits. This year, Splinter will be receiving the Robert Noyce Award from the Semiconductor Industry Association for his extraordinary contribution to the industry.
Applied Materials, Inc (NASDAQ:AMAT) provides services and software and manufacturing equipment to the global-semiconductor, flat-panel display, PV and other related industries.