Optics technology manufacturer Zygo has added Michael Kaufman, who controls nearly 24 percent of its shares, to its board of directors.
Kaufman is president of MAK Capital, a New York City fund that, together with its related entities, owns 556,092 shares of Zygo.
The company disclosed in public financial filings that Kaufman will receive its standard compensation package for non-employee directors, consisting of an annual retainer of $35,000, $8,000 for his potential membership on two board committees, an option to purchase 16,000 shares of common stock, and a restricted stock unit for 5,000 shares of common stock, which vests in one year.
“We are confident that Mike’s strong background in finance, investments and strategic additions will be of great value to Zygo in taking the company to the next level, as Zygo continues to mature in size and global reach,” Chris Koliopoulos, Zygo’s CEO, said in an announcement.
Zygo has been hit by a weak chip market for much of the current fiscal year. The company’s revenue is down 10.7 percent through the first nine months of its fiscal year, with profits at less than a third of what they were during the same period last year.
