PHOTRONICS, INC. Announces Director Changes
Ticker: PLAB · Form: 8-K · Filed: Jan 10, 2025 · CIK: 810136
| Field | Detail |
|---|---|
| Company | Photronics Inc (PLAB) |
| Form Type | 8-K |
| Filed Date | Jan 10, 2025 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, management-changes, governance
TL;DR
PHOTRONICS board shake-up: Director Schlotterbeck out, Whang in. Compensation committee also sees a change.
AI Summary
On January 6, 2025, PHOTRONICS, INC. filed an 8-K report detailing the departure of Director David L. Schlotterbeck and the election of new director Michael J. Whang. The filing also announced changes to the compensation committee, with Director John T. Ryan Jr. stepping down and Director Michael J. Whang being appointed. These changes were effective January 6, 2025.
Why It Matters
Changes in board composition and committee assignments can signal shifts in company strategy or governance, potentially impacting investor confidence and future decision-making.
Risk Assessment
Risk Level: low — The filing reports routine changes in board and committee membership, which typically carry low immediate risk.
Key Players & Entities
- PHOTRONICS, INC. (company) — Registrant
- David L. Schlotterbeck (person) — Departing Director
- Michael J. Whang (person) — Newly Elected Director and Compensation Committee Member
- John T. Ryan Jr. (person) — Departing Compensation Committee Member
- January 6, 2025 (date) — Effective date of changes
FAQ
Who has departed from PHOTRONICS, INC.'s board of directors?
David L. Schlotterbeck has departed from the board of directors.
Who has been elected as a new director for PHOTRONICS, INC.?
Michael J. Whang has been elected as a new director.
What committee has seen a change in membership?
The compensation committee has seen a change in membership.
Who has stepped down from the compensation committee?
Director John T. Ryan Jr. has stepped down from the compensation committee.
When were these director and committee changes effective?
These changes were effective as of January 6, 2025.
Filing Stats: 715 words · 3 min read · ~2 pages · Grade level 10.8 · Accepted 2025-01-10 17:15:28
Key Financial Figures
- $0.01 — ange on which registered COMMON STOCK, $0.01 par value per share PLAB NASDAQ Glo
Filing Documents
- ef20041419_8k.htm (8-K) — 33KB
- ef20041419_ex99-1.htm (EX-99.1) — 9KB
- image00001.jpg (GRAPHIC) — 4KB
- image00004.jpg (GRAPHIC) — 4KB
- 0001140361-25-000846.txt ( ) — 194KB
- plab-20250106.xsd (EX-101.SCH) — 4KB
- plab-20250106_lab.xml (EX-101.LAB) — 21KB
- plab-20250106_pre.xml (EX-101.PRE) — 16KB
- ef20041419_8k_htm.xml (XML) — 4KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 6, 2025, Photronics, Inc. (the "Company") appointed George C. Macricostas to the position of Executive Chairman. He has been a member of the Company's Board of Directors since 2002, serving on the Nomination and Cybersecurity Committees, and most recently as Chairman of the Compensation Committee. Mr. Macricostas, age 55, is an investor and entrepreneur. He was a Founder, Chairman and CEO of RagingWire Data Centers, Inc., a provider of mission critical data center colocation facilities, which is where the "Cloud" lives. Mr. Macricostas guided the company through an 80% sale to NTT of Japan in 2014 and completed the sale in 2018. Mr. Macricostas has over 30 years of technical and business management experience in business operations and information technology. From 2006, Mr. Macricostas has served as a director of the Jane Goodall Institute, a non-profit organization. Previously, he was a senior vice president at Photronics, Inc., where he was responsible for all aspects of the company's IT infrastructure. Mr. Macricostas also serves as a Board Member of the Macricostas Family Foundation, a non-profit organization that funds philanthropic, educational and environmental causes. Mr. Macricostas brings industry, risk management, leadership and business experience to the Board. With his transition to the Executive Chairman role, Mr. Macricostas will be succeeded in his Board of Directors committee assignments by Mr. David Garcia, who became a member of the Board of Directors in December 2024. As a result of the appointment, both George Macricostas and his father Constantine ("Deno") Macricostas will no longer be considered independent directors, resulting in a Board of Directors of nine, six of whom are independent. Mr. Macricostas will enter an Employment Agreement with the Company on terms to be
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release dated January 10, 2025.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PHOTRONICS, INC. (Registrant) By: /s/ Christopher J. Lutzo Name: Christopher J. Lutzo Title: Vice President, General Counsel and Secretary Date: January 10, 2025