It was a big day for Applied Materials with a leadership change that the tech manufacturing giant probably hoped overshadowed its third quarter earnings report.
The board of directors at Applied Materials has promoted Gary E. Dickerson to serve as both president and chief executive officer, effective September 1.
Up until now, Dickerson has served as president of the company since Applied Materials acquired Varian Semiconductor Equipment Associates in 2011, where he was CEO.
Dickerson succeeds Michael R. Splinter, who will continue on with the company as its executive chairman of the Board of Directors, effective at the same time. Splinter has served as CEO since 2003.
No other reason was provided for the leadership shift in Thursday's announcement.
However, there was some bad news on deck for the Santa Clara, Calif.-based corporation.
The TFT LCD display maker reported a third quarter net loss of $168 million, or 14 cents per share (statement). Non-GAAP earnings were 18 cents per share on a revenue of $1.98 billlion.
But Wall Street was looking for earnings of at least 19 cents per share on a revenue of $2.06 billion.
Shares were down by approximately 2.3 percent in after-hours trading once the report hit the wires.
For the fourth quarter, analysts are expecting revenue of $2.14 billion with earnings of 21 cents per share.
Applied Materials projected revenue to remain flat sequentially with earnings expected to drop between only 16 and 20 cents per share.