Veeco Instruments CFO steps down

Veeco Instruments chief financial officer David Glass, 54, Veeco Instruments chief financial officer David Glass, 54, has decided to retire, the company reported in a filing on Dec. 11, 2013. Photo Credit: Newsday, 2012 / Thomas A. Ferrara

advertisement | advertise on newsday

The chief financial officer of Veeco Instruments, David Glass, has decided to retire, the company said in a government filing Wednesday.

The unexpected departure of Glass, 54, is unrelated to an accounting review of revenue-recognition practices, said company spokesman Jeffrey Pina.

Pina said Glass, who came to Veeco in January 2010 after 25 years as an executive at Philadelphia-based Rohm and Haas Co., planned to devote time to his family and charity work.

Glass, who declined an interview request, agreed to remain in his post for up to six months while Plainview-based Veeco searches for a successor, the company said.

Mark Miller, an analyst with Noble Financial Capital Markets in Boca Raton, Fla., called Glass' exit a "surprise" given the CFO's relatively short tenure with the company. "I'd interpret that negatively," he said.

In November, Veeco completed a yearlong accounting review and filed back earnings reports with the Securities and Exchange Commission, beating a deadline that could have forced the company's stock off the Nasdaq. No financial restatements of earlier results were required, the company said.

In November, the company posted a $6 million loss for the third quarter, citing weakness in demand for its equipment used in making LED lighting.

advertisement | advertise on newsday

Veeco also makes gear for manufacturing some hard drives, computer chips and displays.

Veeco's shares fell 18 cents Wednesday to close at $30.75.

You also may be interested in: