Anthony “Tony” Allan agreed to a $286,000 salary and 50,000 stock options to sign on as heir to the Middlefield technology maker’s global operations, a regulatory filing shows. Zygo’s fiscal second-quarter sales and earnings fell on weak semiconductor demand.
Allan, 46, who started work last Monday as senior vice president, was hired to eventually succeed soon-to-retire Douglas J. Eccleston as global operations chief.
Zygo makes precision opticals and measuring systems.
According to Zygo’s latest 8-K filing with the Securities and Exchange Commission, Allan signed a three-year contract through Feb. 4, 2016.
Aside from his pay and an annual target incentive bonus for up to half his salary, Allan will collect options to buy 50,000 shares of Zygo common at with an exercise price of $15.84. Zygo closing Thursday at $15.98 a share, the filing said.
Allan previously was chief operating officer at Masimo Corp., an Irvine, Calif., maker of non-invasive patient monitors.
Separately, Zygo said it netted $1.7 million, or 8 cents a diluted share, in three months ended Dec. 31, down from $6.2 million, or 33 cents a share, netted the same period in fiscal 2012.
Second-quarter sales were $34.6 million vs. $40 million a year earlier.
“Continued weak demand in the semiconductor sector, combined with the uncertain political and economic climate in the U.S. during the second half of calendar year 2012, created headwinds for our traditional product lines,” CEO Chris Koliopoulos said.
