Electro Scientific Industries Names Michael Burger President And CEO

(RTTNews) - Electro Scientific Industries Inc. (ESIO) announced that Michael Burger, former CEO of Cascade Microtech, Inc., will join as President and CEO of the Company and will succeed Edward Grady on October 3, 2016. Michael will also join the Board of Directors on the same date.

In connection with his hire, the Compensation Committee of the Board of Directors of the Company approved awards to Mr. Burger of 248,565 performance-based restricted stock units and 229,445 time-based restricted stock units, 76,575 of which were an inducement grant outside of a shareholder-approved plan, all effective his first day of employment. The inducement award will vest 25% on each of the first four anniversaries of his first day of employment.