22 Oct 2013
Former chief Gary Willis to take over lead executive role at the optical metrology firm.
Zygo, the US company specializing in precision optics and optical metrology, has parted company with CEO Chris Koliopoulos.
The Middlefield, Connecticut, firm gave no reason for the departure, and said that it had reached a mutual agreement with 60-year-old Koliopoulos, who also held the roles of president and chairman of the board.
A US Securities & Exchange Commission (SEC) filing by the company revealed that he would receive an initial cash payment of $125,000 followed by two years' salary.
Zygo's board has appointed existing director and long-time Zygo executive Gary Willis as its interim CEO. Michael Kaufman steps into the role of company chairman.
The switch comes two months after Zygo announced lower revenues and a sharp fall in profits, impacted by the sluggish semiconductor market. However, recent developments had hinted at gathering momentum.
Willis served as a director of Zygo from 1992 until 2000, and from 2009 to present. He was also the chairman of the company's board of directors between 1998 and 2000, its president in 1992 and its CEO from 1993 through 1999.
"The board appreciates Dr. Koliopoulos' service to Zygo and we wish him the best in his future endeavors," announced Zygo in a brief statement, adding that it was "focused on achieving Zygo's full potential for the benefit of our shareholders, and continuing to enhance Zygo's leadership position in its markets".
In the same statement, Koliopoulos was quoted as saying: "It has been a privilege for me to work with many fine colleagues at Zygo. I am proud of Zygo's many accomplishments, and look forward to its continued success."