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Date Announced: 16 Mar 2017
Brog replaces Bill Weissman, who has resigned as CEO and President effective March 17.
BENSENVILLE, Ill.--(BUSINESS WIRE)-- Rubicon Technology, Inc. (Nasdaq: RBCN) announced today that it has concluded its search for a new CEO and appointed Timothy E. Brog, as Chief Executive Officer, effective March 17, 2017. Mr. Brog has been a director of Rubicon since May 2016. Mr. Brog replaces Bill Weissman, who has resigned as Chief Executive Officer and President effective March 17, 2017. Mr. Weissman has also resigned as a member of the Company’s Board of Directors effective March 17, 2017. Mr. Weissman will serve as a consultant to Rubicon Technology under terms to be agreed upon.
Don Aquilano, Chairman of the Board of Directors, said, "The Board looks forward to working with Timothy on his ideas relating to the core sapphire business, the sale of real estate and excess assets and our previously stated desire to explore various alternatives to enhance stockholder value, including potentially through acquiring an existing business, establishing a new venture, or other investment opportunities in order to utilize our substantial net operating losses. He is an accomplished executive, with extensive investment, legal, management and financial experience. We welcome his insights as we pursue the appropriate path forward to drive long-term stockholder value. I also want to thank Bill for his tireless effort on behalf of Rubicon during a very challenging period where global excess capacity of sapphire drove prices to record low levels, particularly in two high-volume markets, LED and mobile devices.”
In addition, effective March 17, 2017, Rubicon Technology appointed Susan M. Westphal as a new independent director of the Company. Ms. Westphal is the Chief Counsel of Melissa and Doug, LLC, a leading designer and manufacturer of educational toys and children’s products.
Ms. Westphal said, “I look forward to working with the Board and Timothy Brog, Rubicon’s new Chief Executive Officer, on the Company’s efforts to implement change and maximize stockholder value. I am excited to work with Rubicon as we seek to strengthen the Company’s existing Sapphire business, capitalize on new opportunities and position Rubicon for the future.”
Susan M. Westphal Biography
Susan M. Westphal has been Chief Counsel at Melissa & Doug, LLC, leading designer and manufacturer of educational toys and children’s products, since February 2016. Ms. Westphal is responsible for a range of legal, strategic, and organizational matters. From January 2012 to January 2016, Ms. Westphal was an attorney with Brody and Associates, LLC. Prior to 2012, Ms. Westphal was an attorney at several law firms, including Epstein, Becker, & Green, p.c. Ms. Westphal’s legal practice has included representing corporate clients in litigations and negotiations in commercial, real estate, and employment matters. Ms. Westphal received a J.D. from George Washington University National Law Center in 1989 and a B.A. from Tufts University in 1986.
Source: Rubicon Technology
E-mail: via web site
Web Site: www.rubicontechnology.com/
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