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"The Board and I are delighted that David will become Cabot Microelectronics' next CEO," said Mr. Noglows. "As the head of our business in the Asia Pacific Region, where we generate more than 80 percent of our total company revenue and have approximately 75 percent of our production activity, David has developed deep partnerships with our key customers and proven to be an outstanding leader. He has worked closely with our teams across Asia, partnering with our global leadership in the implementation of our key strategies of close customer collaboration, operations excellence and technology leadership. I welcome him to the Board, and am confident that as our next CEO, David's track record, energy and vision for continued growth and development of Cabot Microelectronics -- coupled with our history of strong operational and financial management and results -- will mean ongoing success for our company and value for our stockholders. It has been an honor and privilege to lead Cabot Microelectronics as its CEO over the past eleven years, and I am excited that we are implementing the goals of our long-term planning for a seamless transition of executive leadership. Continuing as Chairman, I look forward to working with David and the rest of the Board to further our company's strategy."
Mr. Li said, "With the broad strength that Cabot Microelectronics has built under Bill's dynamic leadership for more than a decade, I am honored that the Board has chosen to entrust me with the privilege and responsibility of leading our company into the next stage of its development, building on our proud history of excellence in CMP consumables. We are committed to continuing to provide value to our shareholders over a range of industry and macroeconomic environments through our ongoing focus on our core strategies of developing game-changing technology in close collaboration with technology leading customers, while leveraging our extensive global infrastructure and distinctive expertise in supply chain management and quality systems."
David Li, 42, has more than 15 years of experience in a wide-range of roles with Cabot Microelectronics, including eight years leading the company's Asia Pacific business while resident there. Over this period he has demonstrated a record of delivering growth in the company's most important product lines and geographic regions, while forging close bonds with customers and developing the company's leaders throughout the Asia Pacific Region. Prior to his current role, Mr. Li served as the Global Business Director for Tungsten and Advanced Dielectrics, and prior to that also held a variety of leadership positions in operations, sourcing and investor relations. Before joining Cabot Microelectronics, Mr. Li held process engineering and marketing roles at UOP. Mr. Li earned a B.S. in Chemical Engineering from
Bill Noglows, 56, was named Chairman, President and Chief Executive Officer of Cabot Microelectronics in 2003. He was one of the primary founders of Cabot Microelectronics and was responsible for identifying and encouraging the development of CMP applications for the semiconductor industry approximately 20 years ago. Under Mr. Noglows' leadership, Cabot Microelectronics has achieved an enviable record of revenue growth, profitability, cash flow, and value generation for shareholders.
Mr. Li's election to the Board of Directors, which is effective
David H. Li's Biography
David H. Li, 42, has more than 15 years of experience in a wide-range of roles with Cabot Microelectronics, including eight years leading the company's Asia Pacific business while resident there. Mr. Li has served as the company's Vice President of the Asia Pacific Region since
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