Axcelis announced that James Coogan will step down as chief financial officer effective April 24, 2026, after serving in the role since October 2023. He will remain in the position until that date to ensure a smooth transition.
David Ryzhik, senior vice president of investor relations and corporate strategy since July 2024, will become interim CFO effective March 12, 2026. His appointment comes as the company continues to prepare for the pending merger with Veeco Instruments, which was approved by shareholders in February 2026 and is expected to close in the second half of 2026.
The CFO transition is part of Axcelis’s strategy to maintain financial discipline during the integration period. Coogan’s departure is driven by a new CFO opportunity at another public company, while Ryzhik’s deep knowledge of the business and his role in the merger integration make him a suitable interim leader.
Axcelis’s recent financial performance provides context for the transition. In Q4 2025, the company reported non‑GAAP diluted EPS of $1.49, beating analyst expectations of $1.07 by 39%, and revenue of $238.33 million, surpassing estimates of $215.03 million. The strong results were largely driven by record aftermarket (CS&I) revenue and higher gross margins, reflecting operational leverage and pricing power in the aftermarket segment.
For Q1 2026, Axcelis guided to EPS of $0.71 versus consensus of $0.90 and revenue of $195 million versus $204.1 million, signaling a near‑term slowdown. Management attributes the lower guidance to weaker demand in core segments and the need to focus resources on the Veeco integration, while still expecting to maintain profitability through cost discipline.
The merger with Veeco Instruments, announced October 1, 2025, values the combined entity at approximately $4.4 billion and is expected to close in the second half of 2026. The transaction is an all‑stock deal that will create a leading semiconductor equipment company, with Axcelis shareholders expected to own about 58% of the combined company.
Management comments underscore confidence in the transition. CEO Russell Low said, "We are fortunate to have a leader like David available to step into the role of Interim CFO. David has deep knowledge of our business, strategy, financial operations and investor relations function, and he has played a significant role in our pending merger with Veeco." Ryzhik added, "I am honored to step into the Interim CFO role and intend to continue building on the momentum underway at Axcelis. Together with the leadership team, we will continue to focus on executing on our strategy, advancing our ongoing integration planning efforts with Veeco and driving long‑term value for shareholders." Coogan noted, "It has been a privilege to work alongside so many talented colleagues at Axcelis. I am confident that the Company is well positioned financially and strategically to deliver on its value creation objectives, and that David is the right interim leader to carry that work forward."
The appointment of an interim CFO amid a major merger and recent earnings highlights Axcelis’s focus on continuity and disciplined financial management. Investors can expect the company to maintain its earnings trajectory while integrating Veeco’s operations, with the board continuing its search for a permanent CFO.
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