KLA-Tencor Announces Retirement of Board Chairman Kenneth Levy.Levy Named Chairman Emeritus e·mer·i·tus adj. Retired but retaining an honorary title corresponding to that held immediately before retirement: a professor emeritus. n. pl. Edward W. Barnholt Named New Chairman of the Board SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- KLA-Tencor Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :KLAC) today announced that Kenneth Levy, Founder and Chairman of the Board, has informed the Company that he is retiring as a Director and employee, effective immediately. Mr. Levy was a member of the Board of Directors of the Company since 1975, Chairman of the Board since 1999, and Chief Executive Officer from 1975 to 1997 and from mid 1998 to mid 1999. Edward W. Barnholt will succeed Mr. Levy as Chairman of the Board of Directors and will serve in a non-executive capacity. Mr. Barnholt is the former President and Chief Executive Officer of Agilent Technologies This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , and joined the Company's Board of Directors in 1995. Mr. Barnholt stated, "Ken Levy is a visionary technologist, a founder of the semiconductor equipment industry, and the person most responsible for the growth and success of KLA-Tencor. His experience and wisdom have been tremendous assets to the Company. In recognition of this, as well as the Board's deep appreciation for Ken's long-standing contributions to the Company, its employees and customers, the Board has named him Chairman Emeritus." Mr. Levy stated, "I want all of the employees of KLA-Tencor to know that I am extremely proud of what they have accomplished in building a world class, market leading business, and I know the Company will continue to be very successful." The Company separately announced results of the investigation by the Special Committee of the Board of Directors of the Company's historical stock option practices. Based upon that investigation, the Company intends to re-price all outstanding retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin priced options held by Mr. Levy and certain other former and current executives of the Company. The exercise price of each re-priced option will be increased to the fair market value on the corrected measurement date. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Statements in this press release regarding KLA-Tencor's intention to re-price certain options are forward-looking statements, and are subject to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions created by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are based on current information and expectations, and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including, but not limited to, the final conclusions of the Board of Directors, the Special Committee, the Audit Committee, and the Company's independent public accountants concerning matters related to the Company's historical stock option grants. About KLA-Tencor: KLA-Tencor is the world leader in yield management and process control solutions for semiconductor manufacturing and related industries. Headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , the Company has sales and service offices around the world. An S&P 500 company, KLA-Tencor is traded on the NASDAQ Global Select Market under the symbol KLAC. Additional information about the Company is available at http://www.kla-tencor.com. |
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