BEVERLY, Mass. (AP) -- Chip manufacturing technology company Axcelis Technologies Inc. said Thursday that Chief Financial Officer Jay Zager will be retiring at the end of August and that an external search is under way for a replacement.
Zager joined the company in January 2011.
Executive vice president Kevin Brewer will be named interim CFO on July 1 until a replacement is found.
Brewer joined Axcelis in 1999, initially as director of operations, becoming a vice president in 2002.
Axcelis CEO Mary Puma said Zager helped streamline the business and shore up cash during the economic downturn, leaving the company to benefit from anticipated growth now that the economy has recovered.
Axcelis shares fell 7 cents, or 4 percent, to $1.69 in afternoon trading, amid a broader market downturn based on fears of monetary tightening in the U.S. that pulled down the Dow Jones industrial average by more than 2 percent.