Veeco CEO John Peeler leaves post at short notice

  • Push-out Score suggests push-out forces
  • After around 11 years in the position
  • Accolades, praise and thanks for Peeler
  • Bill Miller taking over
  • Peeler will remain as Executive Chairman at Veeco
  • Peeler made a lengthy statement and said 59 words

(exechange) — Plainview, New York, September 4, 2018 — This news came the day after Labor Day. John Peeler, chief executive of Veeco, leaves the position. It is a change at short notice. As announced by Veeco Instruments Inc. in a news release and in a regulatory filing published on Tuesday, September 4, 2018, John Peeler leaves his post as Chief Executive Officer at the maker of semiconductor process equipment after around 11 years in the role, effective September 30, 2018.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange. Only 37 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

Peeler’s duties will be taken over by William J. (Bill) Miller, currently President of Veeco Instruments Inc.

Peeler’s move is part of a management shake-up also involving the position of Chief Operating Officer.

“Following a succession planning process begun several years earlier”

The management change is explained as follows. Veeco said: “On August 29, 2018, following a succession planning process begun several years earlier, John R. Peeler, Chairman and Chief Executive Officer of Veeco Instruments Inc. …, notified the Board of Directors … of his intention to retire as Chief Executive Officer of the Company, effective September 30, 2018.”

Peeler will remain as Executive Chairman at Veeco

“John Peeler, Chairman and Chief Executive Officer, will transition to the role of Executive Chairman, effective October 1, 2018,” Veeco said.

Share price decline

The change follows a decline in the share price of Veeco Instruments Inc. since July 2017.

In the position of CEO since 2007

John R. Peeler has been Chief Executive Officer and a Director of Veeco since July 2007, and Chairman since May 2012.

Prior thereto, Peeler was Executive Vice President of JDS Uniphase Corp. (“JDSU”) and President of the Communications Test & Measurement Group of JDSU, which he joined upon the closing of JDSU’s merger with Acterna in August 2005.

Before joining JDSU, Peeler served as President and Chief Executive Officer of Acterna.

Peeler joined a predecessor of Acterna in 1980 and served in a series of increasingly senior leadership roles including Vice President of Product Development, Executive Vice President and Chief Operating Officer, and President and CEO of TTC, a communications test equipment company.

Peeler also serves on the board of IPG Photonics Corporation.

As Executive Chairman, Peeler will work closely with Miller and the Board to ensure an effective transition of management.

At the Board’s request, Peeler agreed to serve as Executive Chairman of the Company for one year following his retirement as Chief Executive Officer and to continue as non-executive Chairman thereafter, subject to his re-election to the Board upon expiration of his current term at the 2019 annual meeting of stockholders.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered John Peeler’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 37.2018 ($).