Benjamin Loh to retire, Hichem M’Saad to succeed him as new CEO

Almere, The Netherlands
February 12, 2024, 8:00 a.m. CET

ASM International N.V. (Euronext Amsterdam: ASM) today announces that CEO Benjamin Loh will retire and step down as per the AGM on May 13, 2024. He will be succeeded by Hichem M’Saad, currently member of the Management Board and CTO.

Benjamin Loh has informed the Supervisory Board of his wish to retire and his decision to step down as CEO as per the Annual General Meeting (AGM) of 2024. Benjamin has agreed to stay on as an advisor for a period of three months after his retirement to ensure a smooth transition.

Benjamin joined ASM as CEO in 2020. Under his leadership, ASM’s growth-through-innovation strategy was launched, revenue more than doubled, significantly outperforming the wafer fab equipment market, and the company’s market capitalization tripled to more than €20 billion. He stepped up investments in the expansion of manufacturing and R&D infrastructure. Other highlights during Benjamin’s tenure include the two successful acquisitions in 2022, which further accelerated ASM’s growth.

Pauline van der Meer Mohr, Chair of the Supervisory Board commented: “On behalf of the Supervisory Board I’d like to thank Benjamin for his substantial contributions and achievements in the last four years. He has led the strengthening of ASM’s strategy, culture and organization. Under his leadership, ASM also took important steps in accelerating sustainability, illustrated by the company’s industry-leading net-zero targets. Everyone at ASM will miss his passion and commitment. We wish him all the best in his retirement.” 

Benjamin Loh: “It has been an honor to lead the ASM team and I’m extremely proud of what we have achieved together. I’m particularly pleased with the steps that we have taken to build a strong culture that allows our talented people to excel and to drive the continued success of our company. The last four years have been among the most exciting and intense of my career, spanning more than 30 years in the semiconductor industry. After my retirement from ASM’s Board, I plan to use my skills and experience to contribute in other capacities albeit with less intense engagement. ASM has never been in a stronger position than today. I am extremely pleased to hand over my responsibilities to Hichem, who, I am sure, will successfully guide ASM into the next growth phase.”

The Supervisory Board has decided to appoint Hichem M’Saad as ASM’s new CEO and Chairman of the Management Board as per the AGM on May 13, 2024.

Hichem joined ASM in 2015 as the Senior Vice President and General Manager of the Thermal Products business unit. From 2019, he held the role of Executive Vice President and General Manager of Global Products, including responsibility for developing ASM’s ALD, Epi, VF, and PECVD products. Since 2022, Hichem has been member of the Management Board and Chief Technology Officer. He has been instrumental in several of ASM’s successful innovative products, including the Intrepid ES, Synergis, Previum, A400 DUO, and Sonora.

Before joining ASM, he had a 15-year tenure with Applied Materials, including positions as Corporate VP and general manager of the Dielectric Systems and Modules (DSM) and the Chemical Mechanical Polishing (CMP) divisions. He also served as CEO of a start-up in the solar photovoltaic industry for six years.

Pauline van der Meer Mohr: “Hichem M’Saad is the ideal candidate to succeed Benjamin Loh. Since joining ASM in 2015, and the last two years as CTO and member of the Management Board, Hichem has demonstrated strong leadership and people skills. He has been instrumental in expanding engagements with key customers, and he has been a driving force behind many of ASM’s successful products and innovations. Already before joining ASM, Hichem had built a strong track record in innovation and in executive roles in the semiconductor industry.”  

Hichem M’Saad: “I’m honored and thrilled to succeed Benjamin as new CEO, and I’m thankful for the confidence of the Supervisory Board. I will continue to focus, together with the rest of the leadership team and all ASM people, on the execution of our strategy. We have a great opportunity to drive long-term value as we support our customers in their device technology transition with our leading and innovative products.”

About ASM International

ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International's common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM's website at www.asm.com.

Cautionary note regarding forward-looking statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics, pandemics and other risks indicated in the company's reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

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