Advanced Energy announces retirement of president & CEO Yuval Wasserman, appoints Steve Kelley as successor

Friday February 12, 2021 0 comments Tags: Denver, Advanced Energy, Yuval Wasserman, Steve Kelley, Grant Beard

DENVER -- Advanced Energy Industries, Inc. (NASDAQ: AEIS) announced Yuval Wasserman will retire as president & CEO and as a member of the board effective March 1.

The AE board of directors appointed Steve Kelley, a semiconductor industry leader with more than 30 years of experience, as the company’s new president and CEO and a member of the board, effective March 1.

Wasserman will remain as an executive advisor to the board and assist Kelley in the transition.advanced-logo 

“On behalf of the board, the company, and its shareholders, I would like to thank Yuval for his strong leadership, tireless dedication and passion in building Advanced Energy into a global leader in precision power conversion with over $1.4 billion dollars in annual sales and delivering significant shareholder return since becoming president and CEO in 2014,” said Grant Beard, chairman of the board.

“Under Yuval’s leadership, Advanced Energy has diversified its revenue base, strengthened its market leadership, delivered record financial results and developed a platform to deliver long-term revenue and earnings growth as an industrial technology growth company.

“As we enter this next chapter, we are excited to welcome Steve Kelley as our new president & chief executive officer. Steve is a proven technology executive and we are confident that he will be able to lead the continued success of Advanced Energy.”

“Throughout my 14 years at Advanced Energy and since becoming its president and chief executive officer in 2014, we have expanded the company significantly, delivered sustainable and profitable growth and positioned Advanced Energy for future success,” said Wasserman.

“Together, we have delivered innovative products to our customers, provided a great place to work and professional opportunities for our employees and increased shareholder return. It has been my privilege to have led Advanced Energy during this unprecedented transformation and I look forward to working with our board and Steve to ensure a smooth transition.

“I am excited that we have attracted Steve to lead Advanced Energy, together with our proven management team, into the future.”

“I am thrilled to be joining Advanced Energy at this exciting time and am confident in the company’s continued ability to deliver sustainable, profitable growth,” said Kelley.

“I am honored to be succeeding Yuval as president & CEO and want to thank Grant and the board for their trust in me to lead the company through this next chapter in its growth story.”

Kelley recently served seven years as president & CEO of Amkor Technology, Inc. (NASDAQ:AMKR), a leading semiconductor package and test company. Kelley led the financial transformation of Amkor by prioritizing strong revenue growth, efficiency gains and a culture of continuous quality improvement.

Previously, Kelley held executive leadership roles of various businesses at companies including Cree, Texas Instruments and Philips Semiconductors, focusing primarily on the timely development of new products to grow revenue and profits.

Kelley holds an SB ChE from the Massachusetts Institute of Technology and a JD from Santa Clara University. He will be based in Denver.