WILMINGTON, MA — Onto Innovation Inc. (NYSE:ONTO), a leader in measuring and controlling devices with a market capitalization of $8.1 billion, announced the appointment of Mr. Ido Dolev as Executive Vice President of the Product Solutions Group, effective as of Monday.
Mr. Dolev will oversee all product solutions, including inspection, metrology, lithography, and software for the company. According to InvestingPro data, the company maintains strong financial health with an impressive current ratio of 10.07, indicating robust operational efficiency.
Bringing extensive experience from his tenure in the semiconductor industry, Mr. Dolev, 45, joins Onto Innovation after serving in various leadership roles at KLA Corporation, a U.S. semiconductor capital equipment manufacturer. He was most recently Vice President and General Manager of KLA's Optical Metrology Division.
His background also includes time at Applied Materials (NASDAQ:AMAT), Inc. as Group Manager and head of the Optical Wafer Inspection and Mask Inspection Technology Group. The appointment comes as Onto Innovation maintains a strong market position with a gross profit margin of 52.13% and revenue growth of 10.81% over the last twelve months.
Mr. Dolev's academic credentials include a B.Sc. in Mathematics and Physics, a M.Sc. in Physics, and a Ph.D. in Electrical Engineering from Tel Aviv University.
His compensation package as per the agreement with Onto Innovation includes an annual base salary of $450,000 and a one-time equity grant of restricted stock units valued at $2,000,050, which vests over three years.
He will also be eligible for an annual cash incentive bonus with a target of 70% of his base salary and an annual equity grant starting in 2025, subject to the approval of the Company’s Compensation Committee. Moreover, Mr. Dolev will receive up to $100,000 in relocation assistance and will have access to the company's benefits plans.
Onto Innovation has clarified that Mr. Dolev has no familial relations with any current director or executive officer at the company, nor is there any transaction involving Mr. Dolev that would require disclosure under SEC regulations.
This executive transition is part of Onto Innovation's ongoing efforts to strengthen its leadership team and comes at a time when the company is poised for strategic growth in its product solutions sector. The information is based on a recent SEC filing by Onto Innovation Inc.
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In other recent news, Onto Innovation reported a record Q3 revenue of $252 million, marking a 22% increase year-over-year. The company also highlighted a gross margin of 54.5% and a record cash generation of $67 million from operations.
Despite a $10 million delay in JetStep lithography revenue, Onto Innovation anticipates substantial growth in its inspection revenue and a positive performance in the upcoming quarters. This optimistic outlook is driven by strategic acquisitions, including Lumina Instruments and Kulicke and Soffa (NASDAQ:KLIC)'s lithography business, and strong demand in key market segments such as advanced packaging and process control.
The company also revealed a Q4 revenue forecast between $253 million and $267 million, with gross margins of 54% to 55%. While expressing confidence in the firm's strategic positioning, Onto Innovation's leadership acknowledged some uncertainties in the High Bandwidth (NASDAQ:BAND) Memory (HBM) segment. These recent developments reflect Onto Innovation's robust financial performance and strategic positioning for future growth.
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