Photronics CEO Frank Lee Steps Down As CEO, To Retire Within 2 Years; Stock Down 5% After Q2 Result

(RTTNews) - Photronics, Inc. (PLAB), a semiconductor photomask maker, said on Wednesday that its Chief Executive Officer Frank Lee intends to retire within two years.

In order to prepare for this transition, Lee has stepped down from his role as CEO with immediate effect. However, he will continue to work for the company's Asia operations and will remain Chairman and President of Photronics' PDMC subsidiary in Taiwan, and also member of the Board.

Subsequently, the company's Chairman, George Macricostas, will assume the role of CEO of Photronics with immediate effect while continuing in his current role as Chairman.

On Wednesday, for the second quarter, the company posted a net income of $8.861 million, or $0.15 per share, lower than $36.251 million, or $0.58 per share, in the same period last year.

Excluding items, earnings stood at $24.3 million, or $0.40 per share, compared with $28.7 million, or $0.46 per share, a year ago. Revenue was $211 million, down from the previous year's $217 million.

PLAB was down by 5.18% at $19.02 in the pre-market trade on the Nasdaq.