- Push-out Score determined
- After almost seven years in the position
- Tim Archer taking over
(exechange) — Fremont, California, December 5, 2018 — Martin Anstice, chief executive of Lam Research, leaves. It is an abrupt change. As announced by Lam Research Corp. in a news release on Wednesday, December 5, 2018, Martin B. Anstice leaves his post as chief executive officer at the chip-fabrication-equipment company after almost seven years in the role, effective immediately.
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 years, according to data compiled by exechange.
Martin Anstice’s duties will be taken over by Timothy M. (Tim) Archer, most recently chief operating officer of Lam Research Corporation.
“Allegations of misconduct”
Martin Anstice’s sudden departure from the CEO post is explained as follows. Lam Research said in a fairly blunt statement: “Mr. Anstice resigned as the company investigates allegations of misconduct in the workplace and conduct inconsistent with the company’s core values, including allegations about Mr. Anstice. The alleged conduct did not involve financial misconduct, nor did it relate to questions regarding the integrity of the company’s financial systems or controls. Upon learning of the allegations, the Board of Directors formed a committee of independent directors led by Lead Independent Director Abhi Talwalkar to conduct an investigation of the allegations, which is ongoing. The independent directors retained an external law firm to assist with the investigation.”
Talwalkar said: “Lam Research takes all allegations of misconduct seriously. An integral part of the culture of Lam Research is our commitment to provide a safe and positive work environment where each of our employees has the opportunity to thrive. The company has policies in place to support and enforce this commitment.”
Lam Research also reaffirms its financial guidance for the December 2018 quarter, as communicated in the press release dated October 16, 2018. Lam Research added: “An update to our financial performance and business outlook will be provided at our customary quarterly earnings call on January 23, 2019.”
Precise information about Martin Anstice’s future plans was not immediately available.
Lam Research said: “Lam Research Corporation … today announced that the Board of Directors has accepted Martin Anstice’s resignation as chief executive officer and a member of the Board.”
Share price increase since January 2012
The change follows an increase in Lam Research Corporation’s share price of 251 percent since January 2012.
Chaired by Abhijit Y. Talwalkar
Lam Research Corporation is chaired by Abhijit Y. Talwalkar.
In the position of CEO since 2012
Martin B. Anstice has served as the Company’s Chief Executive Officer since January 2012.
Anstice joined the Company in April 2001 as Senior Director, Operations Controller; was promoted to the position of Managing Director and Corporate Controller in May 2002; and was promoted to Group Vice President and Chief Financial Officer in June 2004.
He was appointed Executive Vice President and Chief Operating Officer in September 2008 and President in December 2012 until January 2018.
Prior to joining the Company, Anstice held various finance positions from 1988 to 1999 at Raychem Corporation, a global materials science company.
Subsequent to the acquisition of Raychem by Tyco International, a global provider of engineered electronic components, network solutions and wireless systems, he assumed responsibilities supporting mergers and acquisition activities of Tyco Electronics.
Anstice is an Associate member of the Institute of Chartered Management Accountants in the United Kingdom.