Tower Semi Announces Management Changes

March 03, 2003 by Jeff Shepard

Tower Semiconductor Ltd. (Migdal Haemek, Israel) announced that longtime co-chief executives Yoav Nissan-Cohen and Rafi Levin have announced their intention to resign from service, after leading the company for 10 years and completing the main task of launching Fab 2 operations, the company's 0.18-micron and below manufacturing facility, which opened earlier this year.

The company also announced that Idan Ofer, chairman of the board of directors of Tower Semiconductor, has elected to step down as chairman of the board, although he will continue to serve as a member of the board of directors. The board of directors has appointed Carmel Vernia as chairman of the board and acting CEO of Tower. Vernia's appointment is subject to approval by Tower shareholders. Upon such approval, the management changes will go into effect beginning June 1, 2003.

"The board is extremely grateful to Yoav and Rafi for their dedication, vision and long years of service," said Ofer. "Under their direction, Tower has grown from a single-fab operation to a multi-fab, multimillion-dollar operation with the infrastructure in place to advance to the next level. On behalf of Tower's board of directors, I thank Yoav and Rafi for their willingness to continue to support the company during and after the management transition."