Veeco Transitions Chairman Role

Published on Monday, 07 May 2012 16:34 Written by TradersHuddle Staff

PLAINVIEW, N.Y.-( Business Wire )-

Veeco Instruments Inc. (Nasdaq: VECO) today announced that Edward H. Braun, formerly Chairman of the Board, has transitioned his Chairman role to John R. Peeler, Chief Executive Officer. Mr. Peeler will now hold the title of Chairman and Chief Executive Officer. Mr. Braun will remain an active member of Veeco’s Board of Directors.

According to Mr. Braun, age 72, “Since John became Veeco’s CEO nearly five years ago, his leadership and vision have transitioned the Company from an industry player to an industry leader. John and his team have delivered world-class products, gained market leadership in their core technologies, and delivered strong results. I am proud of the entire Veeco team and look forward to continuing to serve on the Board and sharing in the Company’s future growth and accomplishments.”

In addition, Veeco announced today that Joel A. Elftmann, whose term had expired, did not stand for reelection and has retired from its Board after 18 years of service. Veeco’s Board now consists of seven members, including Lead Director Roger D. McDaniel. For a list of Veeco Board members and their committee assignments, click here.

Mr. Peeler commented, “I would like to take this opportunity to thank Ed for his stewardship of the Company and for his continued valuable participation on our Board as Chairman of our Strategy Committee. He will continue to be a trusted partner and an important sounding-board for me, the entire Veeco Board, and our leadership team. I would also like to wish Joel all the best and thank him for his many years of dedicated service to the Company.”

About Veeco

Veeco makes equipment to develop and manufacture LEDs, solar cells, hard disk drives and other devices. We support our customers through product development, manufacturing, sales and service sites in the U.S., Korea, Taiwan, China, Singapore, Japan, Europe and other locations. Please visit us at www.veeco.com.

To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management's Discussion and Analysis sections of Veeco's Annual Report on Form 10-K for the year ended December 31, 2011 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases .Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

Veeco Instruments Inc.Financial:Debra Wasser, 516-677-0200 x 1472SVP Investor Relations & Corporate CommunicationsorMedia:Fran Brennen, 516-677-0200 x 1222Senior Director Marcom