Lam Research Appoints Doug Bettinger as Executive Vice President and CFO
Lam Research Corporation (NASDAQ: LRCX) today announced that effective March 11, Doug Bettinger will serve as executive vice president and chief financial officer, succeeding Ernie Maddock. Lam announced Mr. Maddock's planned departure from the company in January. Mr. Maddock will assist Mr. Bettinger in the transition process through mid-April. Mr. Bettinger was formally chief financial officer and senior vice president of Avago Technologies Limited, a position he held since 2008.
Mr. Bettinger brings more than 20 years of financial and operational experience in the semiconductor industry to Lam Research. Prior to Avago, Mr. Bettinger served as vice president of finance and corporate controller at Xilinx and chief financial officer at 24/7 Customer, a privately held company. Mr. Bettinger also spent 12 years at Intel Corporation, where he held numerous senior-level finance and manufacturing operations positions.
"I am looking forward to having Doug as a member of our executive team," stated Martin B. Anstice, Lam's chief executive officer. "His diverse global experience and proven track record of focusing on strategy, operational excellence, and growth to deliver solid financial results makes him the ideal executive to lead Lam's financial function in the future. We expect Doug's transition will be seamless to all of our constituents. I want to take this opportunity to thank Ernie again for continuing to serve as Lam's CFO until Doug assumes his duties in March," Anstice concluded.
"Lam's leadership position in the semiconductor equipment market and commitment to strategic development to fuel growth, makes this an exciting opportunity," stated Doug Bettinger. "I look forward to working with Lam's experienced financial team and contributing to the company's continued success."
Mr. Bettinger holds a Bachelor's of Science in Economics from the University of Wisconsin and an MBA in Finance from the University of Michigan.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.