Intevac, Inc., a supplier of thin-film processing systems, today announced the appointment of Nigel Hunton as president and chief executive officer (CEO), and member of the board of directors, effective January 19th. Wendell Blonigan, who has served as president and CEO and a director of the Company since 2013, has retired from his positions at Intevac, effective January 18th.
“Nigel brings a wealth of experience in capital equipment and thin-film processing technologies, with a proven track record in developing and executing strategies to create long-term stockholder value, evident most recently during his tenure at Photon Control,” said David S. Dury, chairman of the board of Intevac. “The board has provided Nigel the mandate to fully evaluate all paths to increasing our market value, including but not limited to evaluating our revenue growth potential in our current multiple end markets, while streamlining and resizing the Company in order to position Intevac for positive cash flow generation and a return to profitability as soon as possible. We remain firmly committed to increasing stockholder value, while retaining the strength of our balance sheet and being responsible stewards of the Company’s cash and investments. We are pleased to welcome a CEO of Nigel’s caliber to lead the charge.”
“Wendell recently successfully completed the sale of the Photonics business, which has significantly simplified the business from a stockholder perspective,” commented Dury. “The entire board of directors wishes to thank Wendell for his many contributions to the Company, including building a strong team of seasoned management professionals and talented employees. We all wish him the very best in his retirement.”
With 35 years of executive management experience, Mr. Hunton has successfully led businesses to accelerated growth and increased stockholder value in the USA, Canada, Asia, and Europe. Most recently, Mr. Hunton served as CEO of Photon Control, a leading supplier of fiber optic temperature and position measurement components to the semiconductor equipment industry. Photon Control was listed on the Toronto exchange until its acquisition by MKS Instruments in July 2021 for over $300 million. During Mr. Hunton’s tenure, which began in early 2019, Photon Control’s revenues more than doubled and its market valuation tripled. Previously, Mr. Hunton served as president and chief operating officer of Ferrotec USA, a leading supplier of materials and components to the semiconductor industry and prior to that, as CEO of MBA Polymers, the world’s leading cleantech recycler of high value plastics. He previously served as CEO and chairman of the board of Edwards Limited, the market-leading global vacuum technology company, where he led the sale of the company in 2007 and then successfully restructured the business to increased profit margins and annual revenue exceeding $1 billion. Additionally, Mr. Hunton is a member of the advisory board of Arsenal Capital Partners, a private equity firm. Throughout his career, he has consistently driven increased stockholder value by setting clear strategic direction, restructuring businesses, transforming companies’ profitability, and executing on strategic combinations.
“Intevac has long been recognized as an innovative company possessing multiple core strengths in high-volume, small-substrate, thin-film processing technologies,” said Nigel Hunton, Intevac’s new president and CEO. “With our history of market leadership in the hard drive industry well understood, I look forward to driving revenue growth and market share gains through this next phase of industry investments in media capacity and technology, while evaluating the Company’s initiatives in additional end markets. My immediate focus is meeting face-to-face with every key customer, both current and prospective, to understand their needs and our growth potential. At the same time, I will be focused on fully understanding our organization internally and ensuring that our resources are properly aligned with the most promising prospects for growth, cash flows, and profits. I am excited to drive success and realize increased value for Intevac’s customers and stockholders.”
