- Push-out Score determined
- After about six and a half years in the position
- Accolades, praise and thanks for Wasserman
- Steve Kelley taking over
- Wasserman said 112 words
(exechange) — Denver, Colorado, February 10, 2021 — Yuval Wasserman, chief executive of Advanced Energy, leaves. As announced by Advanced Energy Industries Inc. in a news release and in a regulatory filing published on Wednesday, February 10, 2021, Yuval Wasserman leaves his post as chief executive officer of the provider of power technologies for the manufacture of semiconductors after about six and a half years in the role, effective March 1, 2021.
Yuval Wasserman’s duties as CEO will be taken over by Stephen D. (Steve) Kelley, most recently chief executive officer of Amkor Technology Inc.
The fact that Yuval Wasserman’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Advanced Energy did not explicitly explain the reason for Yuval Wasserman’s move, leaving room for speculation.
Precise information regarding Yuval Wasserman’s future plans was not immediately available.
Advanced Energy said: “Yuval Wasserman will retire as president & chief executive officer and as a member of the board, effective March 1, 2021.”
Advanced Energy further said: “Yuval Wasserman, the current President & Chief Executive Officer of Advanced Energy Industries, Inc. (the “Company”), will be stepping down as President & Chief Executive Officer of the Company, effective on March 1, 2021.”
Share price increase since February 2020
The announcement follows an increase in Advanced Energy Industries Inc.’s share price of 62% since February 2020.
In the position of CEO since 2014
Yuval Wasserman became CEO of the Company in 2014.
Wasserman will remain as an executive advisor to the Board and Kelley to assist in the transition until his retirement on March 31, 2022.
Yuval Wasserman has served as President & Chief Executive Officer, and as a director of Advanced Energy since October 2014.
Wasserman joined the Company in August 2007 as Senior Vice President, Sales, Marketing and Service.
In October 2007, Wasserman was promoted to Executive Vice President, Sales, Marketing and Service.
In April 2009, he was promoted to Executive Vice President and Chief Operating Officer of the Company, and then in August 2011, he was promoted to President of the Thin Films Business Unit.
Wasserman was on the Board of Directors of Syncroness, Inc., an outsourced engineering and product development company, from 2010 to 2017 when it was sold, and joined the Board of Directors of FARO Technologies, Inc., a publicly traded manufacturer of three-dimensional (3D) measurement, imaging and realization systems, in December 2017.
Wasserman is a National Association of Corporate Directors (NACD) Governance Fellow.
Wasserman has a BSc degree in chemical engineering from Ben Gurion University in Israel.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Yuval Wasserman’s move on a scale of 0 to 10.
exechange reached out to Advanced Energy and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2021 ($).