Longtime Micron Tech CEO Mark Durcan To Retire

(RTTNews) - Chipmaker Micron Technology Inc. Thursday said its Chief Executive Officer Mark Durcan would retire after 30 years with the company.

He will continue to lead the company during its search for a replacement.

Micron Board of Directors has formed a special committee to oversee the succession process, and has initiated the search, but a timeframe is yet to be established.

Robert Switz, Chairman of the Board and a member of the search committee, said, "Mark Durcan recently discussed with the Board his desire to retire from Micron when the time and conditions were right for the company.... As CEO, he has successfully guided Micron's strategy and growth for the past five years and has allowed the company to initiate this transition from a position of strength."

Durcan joined the company in June 1984 and has served in various positions since that time. He was appointed Chief Operating Officer in February 2006, and President in June 2007. In 2012, he was appointed as Director and CEO after long-time Chairman and CEO Steve Appleton was killed in a plane crash.

He has aided the company's acquisitions of Elpida in 2012 and Toshiba Corp's DRAM business in 2001.

Durcan is a member of the Board of AmerisourceBergen and Freescale Semiconductor.