Memory chip maker Micron Technology, Inc. (MU) said Friday that its chairman and chief executive officer Steve Appleton died this morning in a small plane accident in Boise. He was 51.
"Our hearts go out to his wife, Dalynn, his children and his family during this tragic time. Steve's passion and energy left an indelible mark on Micron, the Idaho community and the technology industry at large, the company's board said in a statement.
Boise, Idaho-based Micron said later in the day that pursuant to company bylaws, President and Chief Operating Officer Mark Durcan will assume the responsibilities of CEO until a successor is appointed.
The company said its board of directors will convene a meeting over the weekend.
In fact, Micron on January 26 announced the retirement of Durcan at the completion of the company's current fiscal year ending August 2012. The company said at that time that Mark Adams, the company's vice president of worldwide sales, would succeed Durcan as President and Chief Operating Officer upon the latter's retirement.
Appleton joined Micron in 1983 and held a series of increasingly responsible positions, including production manager, director of manufacturing, and vice president of manufacturing. In 1991, he was appointed president and chief operating officer. Appleton was appointed as chairman, chief executive officer and president of the company in 1994. He assumed his current position in 2007.
In November 2011, Appleton was awarded the Semiconductor Industry Association's Robert N. Noyce Award, named after one of Intel Corp.'s (INTC) co-founders and the inventor of the integrated circuit.
Appleton was a qualified stunt pilot who had survived a previous crash in the Idaho desert in July 2004. He also participated in air shows. His other hobbies included motorbike and car racing.
Micron makes DRAM, NAND and NOR flash memory chips. DRAM chips are most widely used in personal computers, while NAND Flash memory chips are used in iPods, digital cameras and other portable devices. In memory chip market, Micron competes with industry leader Samsung and Hynix Semiconductor among others. Micron has expanded into a new area of the memory market known as NOR with its $1.2 billion acquisition of Numonyx in 2010.
In December, Micron reported its second consecutive quarterly loss, hurt by lower sales and deteriorating margins.
Trading in Micron shares were halted at mid-day on Friday, when they were trading at $7.95, up 23 cents or 2.98%, before the announcement of Appleton's death. The shares fell 2.14% in after hours as trading resumed.
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