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23 November 2006


Veeco plans leadership succession

Veeco Instruments Inc’s board of directors have formed a succession planning committee to oversee the transition of Edward H. Braun from his current role of chairman and CEO to that of chairman in 2007.

Independent director Roger D. McDaniel will lead the committee in its search for a new CEO and the selection process. Edward Braun (67) will continue to serve as CEO until a successor has been appointed.

Braun said: "Veeco, at $440 million in revenue, possesses multi-market, technology leadership in high-brightness-LED, data storage, semiconductor and scientific research applications. The Board and I believe it is appropriate for us to focus on CEO succession planning, and the separation of CEO and Chairman positions will help Veeco achieve its potential growth to be a $1 billion company in the years to come."

Irwin H. Pfister, Veeco's lead director, added: "We will search for a CEO successor who has the qualifications, leadership and vision to guide the company forward. Ed's perspective and industry experience will greatly benefit Veeco as he continues in the role of Chairman. The Board will work closely with Ed and Veeco's senior management team to ensure a smooth transition and transfer of responsibilities at the appropriate time."