Novellus Says CFO to Resign

Novellus Systems, a supplier of equipment for making microchips, said Monday that its chief financial officer will resign around late February and join a private venture-backed company.

Novellus said CFO William Kurtz will resign after the company files quarterly results for 2007, which it expects to do around Feb. 29, 2008, and he will join a new firm on March 1.

The company gave no reason for his resignation, and a phone recording said its office was closed until the new year.

The company appointed Jeffrey Benzing, previously chief business officer, as chief administrative officer. He will take on the additional responsibilities of a CFO from March 1, it said.

In October, Novellus posted a drop in quarterly profit, citing a slowdown, as "the industry is in a state of flux."

Its third-quarter net income fell to $49.7 million, or 41 cents per share, from $70 million, or 57 cents per share, a year earlier.

Net sales fell 11.4 percent to $393.3 million from $444 million a year earlier.