MIDDLEFIELD, Conn., Oct. 25, 2013 — Zygo Corp. President, CEO and board chairman Dr. Chris L. Koliopoulos has left the company — effective immediately — Zygo announced this week.
No reason was given for his resignation, other than that it was a mutual decision between Koliopoulos and Zygo’s board. Zygo veteran and former CEO Gary K. Willis has been named interim CEO, and Michael A. Kaufman will serve as chairman of the board.
Willis is a former director of Zygo, serving from 1992 to 2000 and from 2009 to the present. From 1998 to 2000, he was chairman of the board; in 1992, he was president, and he was CEO from 1993 to 1999.
"The Board appreciates Dr. Koliopoulos’ service to Zygo, and we wish him the best in his future endeavors," said Carol Wallace, chair of the company's Corporate Governance & Nominating Committee. "The board of directors is focused on achieving Zygo's full potential for the benefit of our shareholders, and continuing to enhance Zygo's leadership position in its markets. We believe that Mr. Willis has the requisite experience and leadership qualities to lead the company forward."
Koliopoulos had been CEO since January 2010 and owns more than 473,000 shares of Zygo stock. As part of his severance package, Koliopoulos will receive a cash payment of $125,000 and $450,900 a year for the next two years, according to a company filing with the Securities and Exchange Commission. Koliopoulos will also get to keep his company laptop and cellphone as well as the company car — a 2010 Honda Accord — he has been using, but going forward will be personally responsible for associated costs.
Zygo supplies optical metrology instruments, precision optics and electro-optical design and manufacturing services to customers in the semiconductor capital equipment, biomedical, scientific and industrial markets.
For more information, visit: www.zygo.com