GTAT CFO to leave for private equity job
Cell phone industry exec will be his replacement
The chief financial officer of Merrimack-based GT Advanced Technologies announced his resignation last week and will be replaced by the comptroller from a company that makes components for the cell phone industry, the industry in which GTAT is becoming more involved.
Richard Gaynor, who served as CFO since March 2010, said he would be the firm in March to take a job with New Mountain Capital LLC, a private equity firm based in New York City.
GTAT said that Gaynor had no disagreement with the company, which made a point to reiterate its previous guidance. Gaynor will remain to finish the company’s annual financial filing with the Securities and Exchange Commission.
On March 7, Gaynor will be succeeded by Raja Bal, who already has taken over Gaynor’s comptroller and accounting duties. Bal previously was corporate controller of Skyworks Solutions Inc., a manufacturer in Woburn, Mass., that makes semiconductors for components used in mobile communications with $1.8 billion in revenue in 2013.
GTAT, which started out as GT Solar — making equipment to produce the material for solar cells — has shifted toward communications, having worked out deals with both Motorola and Apple to provide equipment to make sapphire used for durable glass screens in cell phones and other mobile devices.
Bal will receive a base salary of $230,000, a $50,000 sign-on bonus, a target bonus of 40 percent of base salary and 45,000 restricted stock units.
Also last week, GT disclosed the resignation of board member Mary Petrovich due to health issues. Her decision did not reflect any disagreements with the company, the filing said.