Photronics Appoints George Macricostas as Executive Chairman

Photronics, Inc. (NASDAQ: PLAB), a global leader in photomask technologies and solutions, announced the appointment of George C. Macricostas to the position of Executive Chairman on January 6, 2025. Macricostas, age 55, has been a member of the company’s Board of Directors since 2002 and has extensive experience in investments and entrepreneurship. He previously held key roles including Chairman and CEO of RagingWire Data Centers, Inc., where he facilitated a significant sale to NTT of Japan.

With his new role as Executive Chairman, Macricostas will bring his technical expertise and business management experience to guide Photronics’ future direction. As part of this transition, David Garcia will succeed him in his Board of Directors committee assignments. Additionally, both George Macricostas and Constantine (“Deno”) Macricostas will no longer be considered independent directors, resulting in a nine-member board, six of whom are independent.

An Employment Agreement outlining the terms of Macricostas’ new role will be established with the Compensation Committee, with details to be disclosed upon execution. A press release issued by the company on January 10, 2025, highlighted Macricostas’ appointment to the Executive Chairman position.

Photronics, founded in 1969, specializes in the production of integrated circuit (IC) and flat panel display (FPD) photomasks. These precision quartz plates play a crucial role in the IC and FPD manufacturing process. The company operates 11 manufacturing facilities across Asia, Europe, and North America.

CEO Frank Lee expressed his appreciation for Macricostas’ contributions to the company, stating, “We are pleased that he will be spending more time on the execution of Photronics’ future direction and we expect to continue to benefit from his passion and leadership.” In response, Deno Macricostas, father of George Macricostas and a board member, expressed confidence in his son’s ability to guide the company towards growth and operational success.

Photronics encourages investors and stakeholders to review its forward-looking statements, acknowledging the risks and uncertainties that could impact actual results. For further information, interested parties can refer to the company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024, and subsequent filings with the Securities and Exchange Commission for detailed insights into Photronics’ strategic position and financial performance.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Photronics’s 8K filing here.

Photronics Company Profile

Photronics, Inc, together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates.