YAVNE, Israel, Jan. 4, 2018 /PRNewswire/ -- Orbotech Ltd.
(NASDAQ: ORBK) (the "Company" or "Orbotech"), a
leading global supplier of yield-enhancing and process-enabling
solutions for the manufacture of electronics products, today
announced that the Board of Directors has named Mr. Alon Rozner as Orbotech's new Corporate Vice
President and Chief Financial Officer, replacing Mr. Ran Bareket in
that position, effective immediately. Mr. Bareket is leaving the
Company for personal reasons and will be returning to the United States with his family to pursue
other opportunities. To facilitate an orderly transition, Mr.
Bareket will remain available to the Company until February 28, 2018.
Mr. Rozner has been with Orbotech since 2007, serving in a broad
range of senior finance, business and operational positions
throughout the Company. Since March
2017, Mr. Rozner has held the title of Corporate Vice
President Customer Support and Business Processes in Orbotech Ltd.,
in which capacity he has, among other matters, been assuming
responsibility for the Company's corporate governance and
compliance. Before that, Mr. Rozner was Vice President of Finance
and Business Services of Orbotech Pacific Ltd. in Hong Kong for almost five years, with
responsibility for the finance, budget, operations and information
technology of subsidiaries that account for approximately 70% of
Orbotech's business. From 2007 to 2012, he served as Vice
President Finance in the Company's FPD Division.
Commenting on this announcement, Mr. Asher Levy, Chief Executive Officer, stated: "I
would like to thank Ran for his efforts and valuable contribution
to Orbotech over the last three and a half years and wish him and
his family well in their return to the
United States." Mr. Levy added: "Alon has worked
closely with the Company's senior management over recent years in
fulfilling his substantial duties in Orbotech, and we are very
pleased to have him assume this even greater role in the management
of the Company. His expertise in finance, operations and
compliance activity within Orbotech, as well as his extensive
knowledge of the Company's business and customer support operations
gained from highly successful years in the field, make him an
outstanding choice for Chief Financial Officer."
Before joining Orbotech, Mr. Rozner served as the Chief
Financial Officer of Wintegra Inc. from 2005 to 2007, after having
held other senior finance positions with that company, including
Director of finance and Financial Controller, between 2001 and
2005. From 1998 to 2001, Mr. Rozner worked as an accountant at Kost
Forer Gabbay & Kasierer (now a member firm of Ernst & Young
Global Limited), where he was responsible for private and public
company accounts, including Nasdaq-listed companies operating in
the technology and communications industries. Mr. Rozner is a
certified public accountant and received his bachelor's degree in
business administration and accounting from The Israeli College of
Management.
Mr. Levy, Mr. Amichai Steimberg,
President and Chief Operating Officer, and Mr. Rozner will present
at the 2018 Needham Growth Conference on January 17, 2018 at the Lotte New York Palace.
The presentation is scheduled for 16:50, Eastern Time and will be
webcast on the Investor events page of the Orbotech Ltd.
website. A replay of the webcast will remain available for 90
days.
About Orbotech Ltd.
Orbotech Ltd. is a leading global supplier of yield-enhancing
and process-enabling solutions for the manufacture of electronics
products. Orbotech provides cutting-edge solutions for use in the
manufacture of PCBs, FPDs and SDs, designed to enable the
production of innovative, next generation electronic products and
improve the cost effectiveness of existing and future electronics
production processes. Orbotech's core business lies in enabling
electronic device manufacturers to inspect and understand PCBs and
FPDs to verify their quality ('reading'); pattern the desired
electronic circuitry on the relevant substrate and perform three
dimensional shaping of metalized circuits on multiple surfaces
('writing'); and utilize advanced vacuum deposition and etching
processes in SD and semiconductor manufacturing ('connecting').
Orbotech refers to this 'reading', 'writing' and 'connecting' as
enabling the 'Language of Electronics'. For further information,
visit http://www.orbotech.com.
Cautionary Statement Regarding Forward-Looking
Statements
Except for historical information, the matters discussed in this
press release are forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995.
These statements relate to, among other things, future
prospects, developments and business strategies and involve certain
risks and uncertainties. The words "anticipate," "believe,"
"could," "will," "plan," "expect" and "would" and similar terms and
phrases, including references to assumptions, have been used in
this press release to identify forward-looking statements.
These forward-looking statements are made based on
management's expectations and beliefs concerning future events
affecting Orbotech and are subject to uncertainties and factors
relating to Orbotech's operations and business environment, all of
which are difficult to predict and many of which are beyond the
Company's control. Many factors could cause the actual
results to differ materially from those projected including,
without limitation, cyclicality in the industries in which the
Company operates, the Company's production capacity, timing and
occurrence of product acceptance (the Company defines 'bookings'
and 'backlog' as purchase arrangements with customers that are
based on mutually agreed terms, which, in some cases for bookings
and backlog, may still be subject to completion of written
documentation and may be changed or cancelled by the customer,
often without penalty), fluctuations in product mix, within and
among divisions, worldwide economic conditions generally,
especially in the industries in which the Company operates, the
timing and strength of product and service offerings by the Company
and its competitors, changes in business or pricing strategies,
changes in the prevailing political and regulatory framework in
which the relevant parties operate, including as a result of the
'Brexit' process and administration change in the United States, or in economic or
technological trends or conditions, including currency
fluctuations, inflation and consumer confidence, on a global,
regional or national basis, the level of consumer demand for
sophisticated devices such as smartphones, tablets and other
electronic devices as well as automobiles, the Company's global
operations and its ability to comply with varying legal,
regulatory, exchange, tax and customs regimes, the timing and
outcome of tax audits, including the ongoing audit of tax years
2012-2014 in Israel and related
criminal investigation (see below), the Company's ability to
achieve strategic initiatives, including related to its acquisition
strategy, the Company's debt and corporate financing activities;
the final timing and outcome, and impact of the criminal matter and
ongoing investigation in Korea, including any impact on existing or
future business opportunities in Korea and elsewhere, any civil
actions related to the Korean matter brought by third parties,
including the Company's customers, which may result in monetary
judgments or settlements, expenses associated with the Korean
matter, and ongoing or increased hostilities in Israel and the surrounding areas.
In May 2017, the Company received
a best judgment tax assessment from the Israel Tax Authority (the
"ITA") with respect to an audit of the Company for the fiscal years
2012-2014 (the "Assessment"), for an aggregate amount of tax
against the Company, after offsetting all operating losses for tax
purposes available through the end of 2014, of approximately
NIS 207 million (currently
approximately U.S. $58 million) which
amount includes related interest and linkage differentials (as of
date of the Assessment). All amounts related to the
Assessment are given after application of the Company's accumulated
losses. Approximately 80% of the amount of the Assessment,
assuming that all accumulated losses are set off against the other
matters included in the Assessment, relates to the following two
matters: (1) the use of tax exempt profits derived from the
Company's approved and benefitting enterprises under the Law for
the Encouragement of Capital Investment, 1959, in particular in its
investments in, or acquisitions of, foreign subsidiaries; and (2)
the purchase of shares of the Company by its foreign subsidiaries
during the audit period. The Company has not taken any
reserves or provisions related to these two matters because it
reasonably believes its positions are more likely than not correct
as a legal matter. The Company intends vigorously to contest
the ITA's position on both of these matters and does not anticipate
establishing a provision related to these matters. The other
significant item in the Assessment relates to the Company's
transfer pricing. As of September 30,
2017, the Company's tax provisions with respect to the audit
period cover at least a majority of the remaining 20% of the
Assessment. However, because of the ongoing criminal
investigation against the Company, certain of its employees and its
tax consultant related to tax positions taken by the Company in the
audit period as well as in prior periods, the Company has not
completed a comprehensive independent review of the work of its
employees and tax consultant involved in evaluating and
establishing its tax positions, including with respect to this and
certain other matters that are the subject of the Assessment.
The Company has begun this review process in connection with
the preparation of its annual financial statements and annual
report, however it cannot assure investors of the timing or outcome
of such review.
If the Company's evaluation of its tax positions proves to be
inaccurate, it may be required to increase its provisions or take a
charge in future periods. The outcome of its review may also
impact the Company's results of operations as a result of tax
positions taken for subsequent fiscal years. The amount of
the increase and/or the charge against earnings could be material
with respect to the audit period and subsequent periods. In
addition, the Company does not have any insight into the scope or
time period of the criminal investigation or the timing of any
prosecutorial action related to the investigation which may occur
in the coming days, weeks, months or years. Although the
Company cannot predict the timing of any prosecutorial action, the
Company expects to be summoned to the prosecutor's office for a
hearing, at which it will have the opportunity to present its
positions, prior to any indictments of the Company and/or certain
of its employees and/or payment of monetary amounts in lieu of such
indictments. The Company has not conducted its own
investigation into any matters that may be the subject of such
investigation and will only do so once the criminal investigation
has been completed. The Company intends vigorously to contest
the Assessment in accordance with Israeli law as well as defend
itself and its employees in the criminal matter, but it cannot
assure investors as to the outcome or timing of completion of
either process, including the amount of tax ultimately payable
related to 2012-2014 and prior fiscal years, or any additional
taxes, penalties, criminal sanctions, indictments, fines and other
amounts or that may be imposed as a result of the Assessment and
criminal investigation, which may be material in amount or in
adverse impact on the Company's results of operations, financial
position and reputation.
The foregoing information should be read in connection with the
Company's Annual Report on Form 20-F for the year ended
December 31, 2016, and subsequent SEC
filings. The Company is subject to the foregoing and other
risks detailed in those reports. The Company assumes no
obligation to update the information in this press release to
reflect new information, future events or otherwise, except as
required by law.
Company Contact:
Rami Rozen
Director of Investor Relations
Orbotech Ltd.
Tel: +972-8-942-3582
Rami.rozen@orbotech.com
Tally Kaplan Porat
Director of Corporate Marketing
Orbotech Ltd.
Tel: +972-8-942-3603
Tally-Ka@orbotech.com
View original
content:http://www.prnewswire.com/news-releases/orbotech-announces-appointment-of-new-chief-financial-officer-300577531.html
SOURCE Orbotech Ltd.