Intevac CFO to Resign for New Job Opportunity
Thu, September 4 2014
SANTA CLARA, Calif.--(BUSINESS WIRE)--
Intevac, Inc. (NASDAQ:IVAC) today announced that Jeffrey S. Andreson,
chief financial officer (CFO), has advised the company of his
resignation, effective September 19, 2014, in order to become the CFO of
a publicly-traded company in the semiconductor capital equipment
industry.
In pursuing this new job opportunity, Mr. Andreson is returning to the
semiconductor capital equipment industry, where he has spent the
majority of his 30 years in finance. He will continue to direct the
company's finance organization and assist in transition until his
departure date.
Mr. Charles B. Eddy, who served as the company's CFO from its founding
in 1991 until his retirement in 2007, will be interim CFO while the
company conducts its search for a permanent successor. Mr. Eddy and Mr.
Andreson have worked together previously, in 2007, to ensure a smooth
transition of the finance team's leadership.
“We are grateful to Jeff for providing strong leadership of our finance
organization over his many years at Intevac," commented Wendell
Blonigan, Intevac's president and chief executive officer. "He has
worked tirelessly to build a top-notch finance team and has been a key
contributor to our strategic planning process, helping to put our
company on the right trajectory for future growth and success. We wish
him all the best."
"I'm gratified by the results of my work at Intevac over the last
several years, building a strong financial organization and working
closely with Wendell to develop a strategic plan for the future success
of the company," commented Mr. Andreson. "I am grateful for the
learning, experience and relationships I've enjoyed here at Intevac, and
I'm confident in the company's outlook for future success."
About Intevac
Intevac was founded in 1991 and has two businesses: Equipment and
Photonics.
In our Equipment business, we are a leader in the design and development
of high-productivity, thin film processing systems. Our
production-proven platforms are designed for high-volume manufacturing
of substrates with precise thin film properties.
Intevac is the market and technology leader in the hard drive industry,
with our systems processing approximately 60% of all magnetic disk media
produced worldwide. Our high-performance, high-throughput technology
solutions continue to expand into additional markets – including solar
and adjacent thin film deposition applications.
In our Photonics business, we are a recognized leading developer of
advanced high-sensitivity digital sensors, cameras and systems that
primarily serve the defense industry. We are the sole-source provider of
integrated digital imaging systems for most U.S. military night vision
programs.
For more information call 408-986-9888, or visit the company's website
at www.intevac.com.
Intevac, Inc.
Jeff Andreson, 408-986-9888
Chief Financial
Officer
Claire McAdams, 530-265-9899
Investor Relations
Source: Intevac, Inc.
