Veeco Instruments Inc., a Plainview-based maker of equipment for manufacturing light-emitting diodes and hard disk drives, has promoted William Miller, a 47-year-old executive vice president, to the newly created position of president, the company announced Monday.
Miller, who joined the company in 2002, most recently served as executive vice president, process equipment, since 2011. In that role he shaped strategy and product development for the Veeco business that makes equipment for depositing chemical vapor onto semiconductor wafers.
As president, Miller will oversee Veeco’s business units, global manufacturing and research and development.
“Bill is a proven leader and has played a pivotal role in executing Veeco’s growth strategies,” John Peeler, Veeco’s chairman and chief executive, said in a statement. “Bill was instrumental in catapulting our Metal Organic Chemical Vapor Deposition (MOCVD) business to the leadership position we enjoy today.”
The move comes as Veeco’s MOCVD business continues to struggle amid a downturn in demand from China and other customers in the Far East.
In a research note published in December, Stifel Financial Corp. analyst Patrick Ho said that while the business “environment remains under pressure (with no imminent signs of turnaround), we believe the company has taken the necessary steps to position it to outgrow the industry when the cycle turns favorable.”
Shares of Veeco, which have fallen about 40 percent since early January 2015, edged up 0.4 percent to close Monday at $20.64.