8-K: inTEST Corporation Appoints Michael Goodrich as President of Process Technologies Division

inTEST Corporation has appointed Michael Goodrich as the new President of its Process Technologies Division, effective January 15, 2024, following the departure of Scott Nolen.

Summary

• inTEST Corporation announced the appointment of Michael Goodrich as President of the Process Technologies Division, effective January 15, 2024.
• This appointment follows a mutual agreement for Scott Nolen's employment to end, effective immediately on January 9, 2024.
• Michael Goodrich brings extensive experience in operations, engineering, sales, and marketing, with a background in technology and manufacturing organizations.
• He previously served as Vice President of Operations at Vixar Inc and held leadership roles at Rudolph Technologies for over 20 years.
• inTEST believes Goodrich's skills will help advance the company's efforts in leveraging customer relationships and geographic reach.

Sentiment

Score: 7

Explanation: The document conveys a positive sentiment due to the appointment of an experienced executive, but also acknowledges risks and uncertainties. The change in leadership is presented as a positive step for the company's growth.

Positives

• Michael Goodrich brings a wealth of experience in operations, engineering, sales, and marketing to inTEST.
• Goodrich has a proven track record of leading international cross-functional teams in technology and manufacturing.
• His experience includes significant revenue growth and successful product launches at previous companies.
• inTEST expects Goodrich's skills to enhance their customer relationships and geographic reach.
• The appointment of a seasoned leader like Goodrich is expected to contribute positively to the company's growth.

Negatives

• Scott Nolen's departure as Division President, Process Technologies, may cause some disruption.
• The company will need to ensure a smooth transition with the new leadership.

Risks

• The company faces risks related to executing its 5-Point Strategy and achieving high single-digit growth.
• There are risks associated with integrating acquired operations and managing supply chain challenges.
• The company is exposed to market cycle changes, particularly in the semiconductor industry.
• Economic conditions, including rising interest rates and currency fluctuations, could impact the business.
• Changes in demand for semiconductors and access to capital are also potential risks.

Future Outlook

The company aims to leverage its strengths to grow organically and through acquisitions, focusing on innovative technologies, broader geographic reach, and market expansion. They also aim to achieve high single-digit growth in 2023.

Management Comments

• Nick Grant, President and CEO, stated that Mike brings skills and experience in operations, engineering, sales and marketing, and importantly in coaching, mentoring and team building across an organization.
• Nick Grant believes that Goodrich's skills will help to advance the company's efforts as they leverage customer relationships and geographic reach among their divisions.
• The company looks forward to Mike's contributions to their growth.

Industry Context

This announcement reflects a strategic move by inTEST to strengthen its leadership team in the Process Technologies Division, which is crucial for its growth in key target markets such as automotive/EV, defense/aerospace, and semiconductor. The appointment of an experienced executive like Michael Goodrich aligns with the company's focus on operational excellence and market expansion.

Comparison to Industry Standards

• The appointment of a seasoned executive with experience at companies like Rudolph Technologies and Vixar Inc is consistent with industry practices of hiring experienced leaders to drive growth and innovation.
• Rudolph Technologies, where Goodrich spent over 20 years, is a well-known player in the semiconductor equipment industry, and his experience there is directly relevant to inTEST's business.
• The 60% revenue growth that Goodrich oversaw at Rudolph Technologies is a strong benchmark, and inTEST will likely be looking for similar results.
• Other companies in the semiconductor test and measurement space, such as Teradyne and Advantest, also focus on attracting experienced leaders to drive their business.

Management Changes

Stakeholder Impact

• Shareholders may view the appointment of Michael Goodrich positively, anticipating improved performance in the Process Technologies Division.
• Employees in the Process Technologies Division will be impacted by the change in leadership and may experience changes in team dynamics.
• Customers may benefit from Goodrich's experience and focus on customer relationships.
• Suppliers and creditors may not be directly impacted by this change.

Next Steps

• Michael Goodrich will assume his role as President of the Process Technologies Division on January 15, 2024.
• The company will focus on integrating Goodrich into the team and leveraging his experience to drive growth.
• inTEST will continue to execute its 5-Point Strategy and pursue organic and acquisition-based growth opportunities.

Key Dates

Keywords

Process Technologies, Michael Goodrich, inTEST Corporation, executive appointment, leadership change, technology solutions, manufacturing, semiconductor, operations, engineering