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Orbotech Announces Organizational Changes To Promote New Growth Opportunities

Stocks in this article: ORBK

ORBOTECH LTD. (NASDAQ/GSM SYMBOL: ORBK) today announced the creation of two new corporate units: “Strategy and Business Development” and “Global Product Organization”.

The new Strategy and Business Development unit will be focused towards capitalizing on growth opportunities in new areas that are complementary to the Company’s strength as a leader in digital production and yield-enhancing solutions for manufacturers of PCBs, FPDs and other electronic components. This is intended to enable Orbotech to leverage its core technological competencies and its global infrastructure to expand into new growth areas. This unit, which will be managed by Mr. Richard Klapholz, Executive Vice President for Strategy and Business Development, will have overall responsibility for the Company’s business development activities and for its strategic plan. Mr. Klapholz has been with Orbotech for 15 years, serving in senior management positions, including most recently as Executive Vice President Electronics Business and, prior to that, as Corporate Vice President and President of the PCB Division at Orbotech Ltd. and earlier as President of Orbotech Pacific Ltd.

The Company’s research and development activities will be reorganized under the umbrella of the Global Product Organization unit. This unit will focus on developing and implementing the Company’s short and long term research and development strategy and on better positioning Orbotech to pursue new business opportunities. This organizational change is designed ultimately to benefit customers by improving the time to market for new and innovative products that will enable them to meet increasingly difficult challenges in the manufacture of sophisticated electronic components and devices. This unit will be managed by Mr. Yovav Sameah who will assume the position of Corporate Vice President and Chief Product Officer. Mr. Sameah has been with Orbotech for 14 years, serving most recently as Vice President for the Electronic Component Manufacturing Business and, prior to that, as Vice President for the Automated Optical Inspection Product Line.

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