(December 14, 2010 - Marketwire) -- FormFactor Inc. (NASDAQ: FORM) announced that Executive Chairman Carl Everett was elected to serve as non-executive Chairman of the Board of Directors. Current lead independent director Jim Prestridge will remain on the Board. FormFactor also announced the resignations of Board members Homa Bahrami, Chenming Hu and Harvey Wagner from the Company's Board of Directors.
All of the changes are effective December 26, 2010, the start of the Company's 2011 fiscal year.
"Carl did an outstanding job stepping in as CEO during a very challenging time for the Company and leading the transition to our new CEO, Tom St. Dennis," stated Jim Prestridge, lead independent director. "Carl will now lead the Board as it oversees the Company's turn-around, its future growth and long-term strategic direction."
FormFactor noted that the resignations were not the result of any disagreements among the directors, but are a reflection of the Board's decision to adjust its structure as a part of FORM's larger efforts to streamline its operations. Prestridge added, "On behalf of the Board of Directors and all employees, we thank the retiring directors for their outstanding service to FormFactor."
FORM also announced that it expects revenue for its fourth fiscal quarter 2010 to be within its prior guidance range of $40 to $45 million.
FormFactor Inc. (NASDAQ: FORM) is a leader in advanced wafer probe cards, which are used by semiconductor manufacturers to electrically test integrated circuits, or ICs. The Company's wafer sort, burn-in and device performance testing products move IC testing upstream from post-packaging to the wafer level. For more information, visit the Company's website at www.formfactor.com