Micron Technology, a Silicon Valley maker of silicon-based computer chips, has announced that CEO Mark Durcan will retire.
A 30-year Micron veteran, Durcan became the company's chief executive in 2012 after chairman and CEO Steve Appleton was killed in a plane crash.Company sources say Durcan will continue to serve as chief executive during the firm's search for a replacement.The board of directors has formed a "special committee" to supervise the selection and recruitment of Durcan's successor.However, the board has not announced a specific timeframe.
"Mark Durcan recently discussed with the board his desire to retire from Micron when the time and conditions were right for the company," said Micron chairman Robert Switz in a statement.
Durcan was Micron's chief technology officer from 2007 to 2012.His leadership helped Micron acquire Elpida in 2012 and the dynamic RAM memory-chip business of Japan's Toshiba in 2001.
Micron was founded in 1978 in Boise, Idaho.The company has more than 30,000 employees in 18 countries, and holds more than 26,000 patents.It is also the sponsor of the Micron Foundation, which helps encourage the development of technical skills in the public schools – "growing the next generation of scientists and engineers, encouraging young people to explore the high-tech careers of the future."
Shares of Micron's stock more than tripled in value during Durcan's tenure as CEO, the company said.
Image: Micron Technology