The board of directors of US-based Intevac has announced that Kevin Fairbairn has resigned his position as the company’s president and chief executive officer and as a member of the board of directors.
The company cited “personal reasons” for the surprise departure which is effective immediately.
The Intevac board of directors also announced it has appointed former Intevac CEO Norm Pond as the new CEO to replace Fairbairn. Pond, a founder of the company, will also continue as chairman of the board of directors.
Lead independent director, David S. Dury, said: “We appreciate Kevin’s many contributions to Intevac and wish him well. We are fortunate that Norm, with his knowledge of the company, is available to assume the CEO role.”
In another surprise departure, materials manufacturer Ferro’s chief executive officer James Kirsch, stepped down from his position as president and CEO, and resigned from his position on the board.