Lam Research CEO Martin Anstice Resigns

(RTTNews) - Lam Research Corp. (LRCX) Wednesday said CEO Martin Anstice has resigned as chief executive officer and a member of the Board. The company has named Tim Archer president and chief executive officer effective immediately.

Archer has also been appointed to the Board of Directors of Lam Research. Prior to this appointment, Archer was the company's president and chief operating officer.

Anstice resigned as the company investigates allegations of misconduct in the workplace and conduct inconsistent with the company's core values, including allegations about Anstice.

The alleged conduct did not involve financial misconduct, nor did it relate to questions regarding the integrity of the company's financial systems or controls.

Archer was appointed president and COO of Lam Research in January 2018, after serving as COO since June 2012 when Lam completed its acquisition of Novellus Systems, Inc.

"The board believes strongly in Lam's vision and strategy. With Martin's resignation, we are implementing our existing succession plan in which Tim was designated to succeed Martin. We are confident that Tim is the right leader to execute on the company's strategic agenda and drive success in the coming years," said Talwalkar.

Lam Research reaffirmed its second-quarter guidance of earnings of about $3.65 per share and revenues of $2.5 billion.