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News Release from: Tower Semiconductor
Edited by the Electronicstalk Editorial
Team on 22 December 2006
Msystems founder takes chair at Tower
The Tower Semiconductor board of directors has nominated Dov Moran to serve as the company's new Chairman.
The Tower Semiconductor board of directors has nominated Dov Moran to serve as the company's new Chairman Moran was cofounder of msystems, a leader in Flash memory development, which was recently acquired by SanDisk Corporation
This article was originally published on Electronicstalk on 25 Nov 2005 at 8.00am (UK)
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Moran was President, CEO and Chairman of the board of directors of msystems from 1989 until September 2006.
Under Moran's leadership, msystems grew from a company with approximate annual revenues of US $16 million in 1998 to $615 million in 2005, and was recently acquired by SanDisk for approximately $1.5 billion.
Udi Hillman, Tower's current Chairman, will continue to serve as a member of the board of directors.
"I am pleased to welcome Dov as the new Chairman of Tower", Hillman said.
"Dov is recognised internationally as an innovator and entrepreneur within the technology domain and his vast experience and knowledge in the semiconductor and consumer industries will strengthen our board, as Tower continues to maintain its growth".
"I am very proud and very excited to join Tower's Board", said Moran.
"Tower has unique qualities, an amazingly dedicated staff and the potential for a great future".
"We expect challenges but are ready to face them and I am delighted to be part of a team that will create an outstanding success".
Moran's appointment to serve as Chairman of the board of directors and the terms of his agreement with Tower have been approved by Tower's audit committee and the board of directors and are further subject to the approval of the company's shareholders.
Under the terms of the agreement entered into with Moran, he will be granted options to purchase shares representing one% of the company's shares on a fully diluted basis, vesting over a four-year period, and will not be entitled to any cash compensation other than a symbolic amount of $1.00 per year.
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