Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Micron CEO Mark Durcan to retire

Published 02/02/2017, 01:34 PM
© Reuters. Micron Technology Inc. COO Durcan listens to a question during the Reuters Technology Summit in San Francisco

(Reuters) - Chipmaker Micron Technology Inc (NASDAQ:MU) said Chief Executive Mark Durcan would retire.

Durcan, a 30-year Micron veteran, will continue to lead the company during its search for a replacement.

Micron's board has formed a special committee to oversee the succession process but has not established a timeframe for it.

Durcan was appointed as CEO in 2012 after long-time Chairman and CEO Steve Appleton was killed in a plane crash.

"Mark Durcan recently discussed with the board his desire to retire from Micron when the time and conditions were right for the company," board Chairman Robert Switz said in a statement on Thursday.

Durcan, who served as chief technology officer before becoming its chief operating officer in 2007, has aided the company's acquisitions of Elpida in 2012 and Toshiba Corp's DRAM business in 2001.

Up to Wednesday's close of $24.75, Micron's shares had more than tripled under Durcan's leadership.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.