Photronics Announces CEO Transition, George Macricostas to Replace Dr. Frank Lee

Photronics, Inc. has announced the planned retirement of CEO Dr. Frank Lee within the next year or two. Lee has stepped down as CEO but will remain Chairman, President of PDMC subsidiary, and on the Board of Directors. George Macricostas will assume the role of CEO, while also retaining his position as Chairman of the Board.

Photronics, Inc. (NASDAQ: PLAB), a global leader in photomask technologies and solutions, has reported its second quarter fiscal 2025 results and announced a significant leadership transition. Dr. Frank Lee, who has led the company as CEO for the past three years, has informed Photronics of his plans to retire in the next year or two. Effective immediately, Dr. Lee has stepped down as CEO but will continue to focus on the company’s Asia operations and remain Chairman and President of Photronics’ PDMC subsidiary in Taiwan, while also remaining on the Photronics Board of Directors. Mr. George Macricostas will assume the role of Chief Executive Officer of Photronics, Inc., while also retaining his position as Chairman of the Board [1].

In his farewell remarks, Dr. Lee highlighted the company’s strong performance in Asia and the strategic decision to repurchase $72 million of its stock as an endorsement of its long-term business model. The second-quarter revenue was $211.0 million, down 3% year-over-year and 1% sequentially. GAAP net income attributable to Photronics, Inc. shareholders was $8.9 million, or $0.15 per diluted share, compared to $36.3 million, or $0.58 per diluted share, in the second quarter of 2024. Non-GAAP net income attributable to Photronics, Inc. shareholders was $24.3 million, or $0.40 per diluted share, compared to $28.7 million, or $0.46 per diluted share, in the second quarter of 2024 [1].

For the third quarter of fiscal 2025, Photronics expects revenue to be between $200 million and $208 million and non-GAAP net income attributable to Photronics, Inc. shareholders to be between $0.35 and $0.41 per diluted share. The company’s cash position remains strong, with cash, cash equivalents, and short-term investments at the end of the quarter totaling $558.4 million [1].

The transition in leadership comes at a time when Photronics is focused on strategic growth and operational efficiency. The company’s long-term commitment to innovation and shareholder value is evident in its aggressive approach to returning cash to shareholders. This transition will allow Photronics to continue its strong performance and adapt to future market demands under new leadership.

References:

[1] https://www.morningstar.com/news/globe-newswire/9458770/photronics-reports-second-quarter-fiscal-2025-results-and-announces-ceo-transition