Semiconductor equipment maker MEMC Electronic Materials, Inc. (WFR) said Friday that it has appointed Tim Oliver as senior vice president and chief financial officer, effective November 2.
Most recently, Oliver served as senior vice president and CFO of Metavante Technologies. Prior to that, he worked as vice president and treasurer of Rockwell Automation. Previously, Oliver worked as vice president of investor relations and financial planning for Raytheon Company.
MEMC also said that the current SVP and CFO Ken Hannah has been promoted to the new position of executive vice president of MEMC and president of MEMC Solar Materials. Hannah will be responsible for sales and manufacturing operations for polysilicon and solar wafers.
The company further stated that Shaker Sadasivam, most recently tenured as SVP of Research & Development, has been promoted as executive vice president of MEMC and president of MEMC Semiconductor, and will take responsibility of semiconductor wafer sales and manufacturing operations. According to the company, Sadasivam will continue as head of Research and Development.
MEMC said all three executives will report to president and chief executive officer Ahmad Chatila.
Commenting on the appointments, Chatila, said, "The semiconductor and solar industries are two separate markets with distinct customers. As our solar business continues to evolve, the time has come for us to establish executive leadership dedicated to addressing the needs of our solar and semiconductor customers individually, and Ken and Shaker are the right people to lead those efforts."
WFR closed Thursday's regular trading at $15.87 per share on the NYSE.
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