Lam Research

(LRCX) - Get Report

said Stephen Newberry will become the company's sole chief executive officer, ending an arrangement in which he had shared that post with Chairman James Bagley.

The shift will take place June 27, 2005.

The Fremont, Calif.-based chip-equipment maker said it made the move to allay concerns about corporate governance. Governance experts often criticize companies in which one person simultaneously holds the title of CEO and chairman of the board of directors.

Newberry had previously also acted as president and chief operating officer at Lam. He will remain as president, but cease to act as COO. The COO post will remain unfilled.

Meanwhile, Bagley will retain his post as chairman of the board of directors.

In a statement, Bagley said, "I believe that separating the positions of chairman and chief executive addresses shareholders' calls for fully engaged boards that work in close collaboration with the executive management of a company."

In regular trading the stock closed down 61 cents, or 2.3%, to $25.70.