AXT, Inc., a leading manufacturer of compound semiconductor substrates, has recently informed that Dr. Morris Young, Chief Executive Officer of the company, has been appointed as Chairman of its Board of Directors, effective from Aug. 12, 2021. Jesse Chen, who has served as Chairman of AXT’s Board of Directors since 2009, will now continue to serve as Lead Independent Director and as a Member of the Board.
The Nominating and Corporate Governance Committee and the Board of Directors decided to make this appointment in preparation for the proposed Initial Public Offering (IPO) by Beijing TongmeiXtal Technology Co., Ltd. (Tongmei) on the Shanghai Stock Exchange’s Sci-Tech InnovAtion Board (the STAR Market). This appointment comes at the request and advice of Tongmei’s advisors on the IPO matter. Dr. Young has been Chairman of Tongmei since its foundation in 1998 and will continue in this role.
