Micron Says Chief Operating Officer Mark Durcan Will Retire
January 27, 2012, 12:05 AM ESTBy Ian King
(Updates with share price in last paragraph.)
Jan. 26 (Bloomberg) -- Micron Technology Inc., the largest U.S. maker of computer-memory chips, said Chief Operating Officer Mark Durcan will retire at the end of August.
Durcan, who joined Micron in 1984, was promoted to his current position in 2006, the Boise, Idaho-based company said today in a statement. He also has served as the company’s president. Durcan will be replaced by Micron’s head of sales, Mark Adams, who previously worked as chief operating officer of Lexar Media Inc. when Micron bought it in 2006.
Micron last month reported its second consecutive quarterly loss, citing the falling price of dynamic random access memory, or DRAM, which serves as the main memory in personal computers. Demand also has been hurt by last year’s floods in Thailand, which left PC makers short of hard-disk drives, forcing them to cut purchases of other components.
Durcan, 50, is retiring and not leaving for another position, said Dan Francisco, a company spokesman.
Micron shares fell 3.9 percent to $7.55 at the close of trading in New York, before the announcement. The stock has increased 20 percent this year.
--Editors: Nick Turner, Tom Giles
To contact the reporter on this story: Ian King in San Francisco at ianking@bloomberg.net.
To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net.
