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June 23, 1998
|ZYGO ANNOUNCES MAJOR MANAGEMENT REALIGNMENT|
MIDDLEFIELD, CONNECTICUT (June 23, 1998)......Zygo Corporation (NASDAQ:ZIGO) announced today a comprehensive management realignment aimed at providing focused leadership in every functional area of its business. Gary K. Willis, president and CEO, announced the organization changes and stated, "ZYGO's performance has been exceptional for the past several years as we have grown from $20 million in annual revenues and one facility to over $100 million and six facilities. We have enjoyed the recognition of the financial press and investment community these last few years by outperforming our peers and comparable companies in an expanding market environment. The condition of the markets we serve is much different today and we must continue to outperform our peer group in this more challenging environment."
Mr. Willis added, "To meet these challenges we must aggressively differentiate ourselves through product innovations, understanding customer requirements, commercializing product solutions in rapid fashion, promoting and selling these solutions in varied markets, producing products of the highest quality and reliability to market demanded lead times, and developing and implementing effective internal and external business strategies. Organizational changes to provide the most effective management focus on these actions are necessary, and to that end, we are making significant changes"
These changes, effective immediately, include:
- Carl A. Zanoni - Vice President Research and Development. Dr. Zanoni is a founder of the Company and continues to be a leading technologist in the industry. He will be responsible for the development and creation of the most innovative technologies, meeting the present and future needs of our markets, and ensuring the appropriate intellectual property ownership exists to secure our research and development investments.
- Robert A. Smythe - Vice President Advanced Marketing and Product Development. With his most recent experience as vice president of sales and marketing for the Corporation, he is uniquely prepared to translate customer needs into commercialized solutions. Mr. Smythe will have corporate functional responsibility for all product development and engineering, ensuring we have the corporatewide platforms to deliver the most effective solutions to our customers.
- Ahmad Akrami - Vice President Sales, Marketing and Customer Services. Mr. Akrami will be responsible for corporatewide sales, sales support, application engineering, and customer service and education organizations. With his background as vice president, general manager of the Automation Systems group, Mr. Akrami has played a lead role in migrating the Company's core competency, high precision measurement, to the production floor. This migration will be a key ingredient to ZYGO's reaching its objective of being "the leading supplier of yield improvement solutions to the high technology industries."
- Mark J. Bonney - Vice President Operations. Mr. Bonney will be responsible for all manufacturing, production, production support, and information technology operations across the Corporation, with all of the Company's business unit general managers reporting to him. Mr. Bonney has been the Company's chief financial officer, as well as the general manager of the Advanced Metrology Systems business.
- Also reporting to Mr. Bonney will be Kevin M. McGuane, Vice President Finance, Chief Financial Officer, and Treasurer. Mr. McGuane had been the corporate controller and now will assume full responsibility for all financial matters at the Corporation and interfacing with the investment community.
- Frank E. Lundy - Vice President Business Development. Mr. Lundy was previously general manager of the Advanced Imaging Systems business. In his new assignment, Mr. Lundy will focus full time in the merger and acquisition activity and in the development of future business strategies.
Zygo Corporation designs, develops, manufactures, and markets high performance measurement and yield improvement instruments, systems, and accessories used in high technology industries. The Company is headquartered in Middlefield, Connecticut, and also has operations in Asslar, Germany; Longmont, Colorado; and in Newbury Park, Sunnyvale, and Simi Valley, California.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgment on certain issues. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially. Important factors which could cause actual results to differ materially are described in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.