AMSTERDAM: ASM International N.V. (Euronext Amsterdam: ASM), a leading supplier of wafer processing equipment, today announced that its CEO Benjamin Loh will retire and be succeeded by Hichem M’Saad, the current CTO and Management Board member.
Loh, who joined ASM as CEO in 2020, will step down as per the Annual General Meeting (AGM) of 2024. He will stay on as an advisor for three months after his retirement to ensure a smooth transition. Under his leadership, ASM launched its growth-through-innovation strategy, more than doubled its revenue, and tripled its market capitalization to over €20 billion. He also oversaw two successful acquisitions in 2022 and accelerated the company’s sustainability efforts.
Pauline van der Meer Mohr, Chair of the Supervisory Board, thanked Loh for his substantial contributions and achievements in the last four years. “He has led the strengthening of ASM’s strategy, culture and organization. Everyone at ASM will miss his passion and commitment. We wish him all the best in his retirement,” she said.
Loh said he was honored to lead the ASM team and proud of what they had achieved together. “ASM has never been in a stronger position than today. I am extremely pleased to hand over my responsibilities to Hichem, who, I am sure, will successfully guide ASM into the next growth phase,” he said.
M’Saad, who will take over as ASM’s new CEO and Chairman of the Management Board as per the AGM on May 13, 2024, has been with the company since 2015. He has held various senior positions, including the Senior Vice President and General Manager of the Thermal Products business unit and the Executive Vice President and General Manager of Global Products. He has been the CTO and Management Board member since 2022. He has been a driving force behind many of ASM’s successful products and innovations, such as the Intrepid ES, Synergis, Previum, A400 DUO, and Sonora.
Before joining ASM, M’Saad had a 15-year tenure with Applied Materials, where he served as Corporate VP and general manager of two divisions. He also was the CEO of a start-up in the solar photovoltaic industry for six years.
Van der Meer Mohr said M’Saad was the ideal candidate to succeed Loh. “He has demonstrated strong leadership and people skills. He has been instrumental in expanding engagements with key customers, and he has a strong track record in innovation and in executive roles in the semiconductor industry,” she said.