OXFORD, Mass.--(BUSINESS WIRE)-- IPG Photonics Corporation (NASDAQ: IPGP) today announced that John R. Peeler, Chairman and Chief Executive Officer of Veeco Instruments, Inc. (NASDAQ: VECO), has joined the IPG Photonics Board of Directors. The addition of Mr. Peeler, who will serve on IPG's Compensation Committee, temporarily expands the IPG Board to 10 members until the 2013 annual meeting of shareholders. The Company also announced that William F. Krupke, Ph.D. will not stand for reelection at the 2013 annual meeting of shareholders.
“The addition of John will further diversify the outstanding talents and wide-range of experience of our current Board,” said Dr. Valentin Gapontsev, IPG's founder and Chief Executive Officer. “John has deep experience in managing high-growth technology companies and a wealth of knowledge about the service needs of customers in demanding markets, including semiconductor capital equipment. We look forward to working with John as we continue to expand the presence of our products and technology around the world. On behalf of the entire Board, I also want to thank Dr. Krupke for his 12 years of service, guidance and dedication to the Company and its stockholders.”
Mr. Peeler joined Veeco as CEO in July 2007 and was named Chairman of the Board in May of 2012. Veeco is a global market leader in MOCVD, Molecular Beam Epitaxy, Ion Bean and other advanced thin film technologies, and its equipment is used to manufacture LEDs, power electronics, hard disk drives and wireless semiconductors. Mr. Peeler spent his early career in engineering, marketing and product development in the communications test equipment industry. He became President and CEO of TTC in 1992, and through organic growth and a series of acquisitions, he grew the company into the largest global provider of field service communications test products. The company evolved into Acterna, which was acquired by JDSU in 2005. Mr. Peeler earned a B.S. and Masters Degree in Electrical Engineering and graduated with high distinction from the University of Virginia.
About IPG Photonics Corporation
IPG Photonics Corporation is the world leader in high-power fiber lasers and amplifiers. Founded in 1990, IPG pioneered the development and commercialization of optical fiber-based lasers for use in diverse applications, primarily materials processing. Fiber lasers have revolutionized the industry by delivering superior performance, reliability and usability at a lower total cost of ownership compared with conventional lasers, allowing end users to increase productivity and decrease operating costs. IPG has its headquarters in Oxford, Massachusetts, and has additional plants and offices throughout the world. For more information, please visit www.ipgphotonics.com.
David Calusdian, 617-542-5300
Executive Vice President
Source: IPG Photonics Corporation