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17 November 2014

POET appoints Ajit Manocha as co-chairman and seeks permanent CEO

POET Technologies Inc of Toronto, Canada – which, through subsidiary OPEL Defense Integrated Systems (ODIS Inc) of Storrs, CT, USA, has developed the proprietary planar-optoelectronic technology (POET) platform for monolithic fabrication of integrated III-V-based electronic and optical devices on a single semiconductor wafer – has announced the appointment of Ajit Manocha as co-chairman of its board of directors, his appointment to the Corporate Governance and Nominating Committee with the mandate to identify a permanent CEO, and the resignation of Dr Samuel Peralta from the board (due to other commitments).

Manocha joined the board in July as vice-chairman and was previously CEO of GlobalFoundries (the world’s second-largest semiconductor foundry). “Ajit has brought with him a wealth of experience and knowledge in the semiconductor and foundry industry,” notes co-chairman & interim CEO Peter Copetti. “Ajit has been working actively with the company to raise the market awareness of our novel semiconductor process technology targeting Tier 1 customers and potential partners,” he adds. “Working out of the San Jose office positions me well to play a bigger role within the POET executive team on the current lab-to-fab to monetization path,” comments Manocha.

The duties of the office of the chairman will be divided between the co-chairmen to take advantage of their respective strengths. Copetti will continue to be responsible for the overall management and leadership of the board as well as financial aspects of the company, including operational and funding requirements. Manocha will be focused on setting and developing policy, direction and strategy, including the investigation of possible venture, partnership or other relationships with industry.

Appointment to the Corporate Governance and Nominating Committee (subject to board approval) gives Manocha the mandate to identify and consider candidates for the permanent CEO role. The firm says that, since Copetti was named chairman & interim CEO in February, it has reached financial stability with good cash in hand and has a well-established monetization path with a clear technical roadmap set for 2015. The firm’s restructuring phase is over.

The board has set a target of early 2015 to appoint the new CEO and a few other senior executives during the latter part of 2015. “This is an important step forward for the company as we get ready to demonstrate our technology at smaller geometries like 100nm and 40nm,” says Copetti. “This is a good time to further strengthen the management team with a permanent CEO.”

See related items:

POET collaborating with foundry to reproduce and enhance repeatability at 100nm

POET appoints Ajit Manocha as executive vice chairman

POET announces executive changes plus restructured University of Connecticut license agreement

Tags: POET

Visit: www.poet-technologies.com

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