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GT Advanced Technologies Completes Restructuring With Streamlining Of Operations And New Functional Structure

GT Advanced Technologies (NASDAQ: GTAT) today announced that it is transitioning to a functional organizational structure from its prior business unit organization as it continues to streamline operations and position the company for growth once the markets it serves start to recover.

Under the new structure, sales, service and worldwide operations will be centralized under the leadership of Dan Squiller, who will continue to report to president and CEO Tom Gutierrez. Dave Keck, formerly general manager, polysilicon and photovoltaic equipment, will lead the company’s sales and service across all businesses, reporting to Squiller. Jeff Ford, vice president of DSS business development, will continue to have responsibility for GT's DSS business, leveraging his extensive industry knowledge and experience to ensure that GT continues to support its DSS customer base as the company transitions to next generation PV technologies.

The company’s R&D initiatives in next generation solar, Hyperion ion implant exfoliation and sapphire will be managed under Vikram Singh, executive vice president, Advanced Systems Development. In addition Dr. Singh remains responsible for all central engineering support services as well as business development and product management for the Hyperion and next generation solar platforms. Dr. P.S. Raghavan, chief technology officer, will be continue to lead technology development for silicon carbide (SiC) and gallium nitride (GaN) applications. As a result of the functional realignment, the business unit general manager positions have been eliminated and Cheryl Diuguid, formerly general manager of the sapphire business, has left the company.

As previously indicated, the company is scaling back its M&A program in 2013. As such, the role of chief strategy and new business officer is being eliminated and David Gray, Ph.D. will be leaving the company effective January 25, 2013. CEO Tom Gutierrez will drive the company’s strategic development initiatives.

“The new functional structure reflects GT’s continued efforts to streamline our operations and align our business with current market and business conditions,” said Gutierrez. “It further minimizes duplication of resources and provides us with a very efficient platform to grow from in 2013. We are grateful to Cheryl Diuguid and Dave Gray for the significant contributions they have made in their tenure with GT and we wish them the best.”

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