8-KEarnings & ResultsLeadership ChangesMaterial Agreements+1

ENTEGRIS INC 8-K Report, Agreement Terminated (Oct 24, 2012)

Filed October 24, 2012For Securities:ENTG

Summary

Entegris, Inc. (ENTG) filed a Form 8-K on October 24, 2012, reporting significant changes in its executive leadership and financial results. The most impactful news for investors is the resignation of CEO and President Gideon Argov, effective in late November 2012, and the simultaneous appointment of Bertrand Loy as his successor for both roles. Mr. Loy, who previously served as Executive Vice President and Chief Operating Officer, brings extensive experience within Entegris and its predecessor companies, suggesting a continuity in operational leadership. The filing also references the release of the company's third-quarter 2012 financial results on October 24, 2012. While specific financial figures are not detailed within this 8-K itself, the report notes that the charge associated with Mr. Argov's departure has been reflected in these quarterly results. Investors should look to the accompanying press release (Exhibit 99.1) for detailed financial performance and the implications of the executive transition on the company's future.

Key Highlights

  • 1Resignation of Gideon Argov as President (effective Oct 31, 2012), CEO, and Director (effective Nov 27, 2012).
  • 2Appointment of Bertrand Loy as President (effective Nov 1, 2012) and CEO (effective Nov 28, 2012), succeeding Gideon Argov.
  • 3Bertrand Loy previously served as Executive Vice President and Chief Operating Officer of Entegris.
  • 4The company announced its third-quarter 2012 financial results on October 24, 2012.
  • 5A charge related to Mr. Argov's departure benefits is included in the third-quarter financial results.
  • 6Bertrand Loy's appointment fills a vacancy created by an increase in the Board size from eight to nine directors.
  • 7Details of Mr. Loy's employment agreement are pending and will be disclosed in an amendment to this Form 8-K.

Frequently Asked Questions

Bertrand Loy has been elected as the new President and CEO of Entegris, Inc., succeeding Gideon Argov. His roles become effective in late October and early November 2012.

Bertrand Loy has a significant history with Entegris, having served as Executive Vice President and Chief Operating Officer since July 2008. He also held a leadership role in the merger with Mykrolis Corporation and has various financial and operational experience within Entegris and its predecessor companies.

The filing indicates that a charge related to benefits for Mr. Argov's departure has been reflected in the company's third-quarter 2012 financial results. Specific details of these results would be found in the press release issued on October 24, 2012.

The company is currently negotiating the terms of Mr. Loy's employment agreement. Material terms are expected to be disclosed in an amendment to this Form 8-K once the agreement is finalized.