17 March 2017
Rubicon names director Timothy E. Brog as CEO
Rubicon Technology Inc of Bensenville, IL, USA (which makes monocrystalline sapphire substrates and products for the LED, semiconductor and optical industries) has concluded its search for a new chief executive officer by appointing Timothy E. Brog (a director of Rubicon since May 2016). He replaces Bill Weissman, who has resigned as CEO & president, and as a member of the board of directors. Weissman will serve as a consultant to Rubicon under terms to be agreed upon.
The board will working with Brog on “his ideas relating to the core sapphire business, the sale of real estate and excess assets and our previously stated desire to explore various alternatives to enhance stockholder value, including potentially through acquiring an existing business, establishing a new venture, or other investment opportunities in order to utilize our substantial net operating losses,” says chairman Don Aquilano. “He is an accomplished executive, with extensive investment, legal, management and financial experience,” he adds.
“I also want to thank Bill for his tireless effort on behalf of Rubicon during a very challenging period where global excess capacity of sapphire drove prices to record low levels, particularly in two high-volume markets, LED and mobile devices,” says Aquilano.
In addition, Rubicon has appointed Susan M. Westphal as a new independent director. Westphal has been chief counsel at Melissa & Doug LLC, a designer and manufacturer of educational toys and children’s products, since February 2016, and is responsible for legal, strategic, and organizational matters. From January 2012 to January 2016, Westphal was an attorney with Brody and Associates LLC. Prior to 2012, she was an attorney at several law firms, including Epstein, Becker & Green p.c. Westphal’s legal practice has included representing corporate clients in litigations and negotiations in commercial, real estate, and employment matters.
“I look forward to working with the board and Timothy Brog, Rubicon’s new chief executive officer, on the company’s efforts to implement change and maximize stockholder value,” says Westphal. “We seek to strengthen the company’s existing sapphire business, capitalize on new opportunities and position Rubicon for the future.”