Micron’s CEO Is Retiring After 30 Years at the Company

February 2, 2017, 6:16 PM UTC
Joint News Conference Between Micron Technology CEO Mark Durcan And Elpida CEO Yukio Sakamoto
Mark Durcan, chief executive officer of Micron Technology Inc., attends a news conference in Tokyo, Japan, on Wednesday, July 31, 2013. Micron Technology Inc. completed its $2 billion acquisition of Elpida Memory Inc. today, seeking to deliver sustainable profits in the volatile market for memory chips used in personal computers and mobile devices. Photographer: Akio Kon/Bloomberg via Getty Images
Bloomberg Bloomberg via Getty Images

Chipmaker Micron Technology said Chief Executive Mark Durcan would retire.

Durcan, a 30-year Micron veteran, will continue to lead the company during its search for a replacement.

Micron’s (MU) board has formed a special committee to oversee the succession process but has not established a timeframe for it.

Durcan was appointed as CEO in 2012 after long-time Chairman and CEO Steve Appleton was killed in a plane crash.

“Mark Durcan recently discussed with the board his desire to retire from Micron when the time and conditions were right for the company,” board Chairman Robert Switz said in a statement on Thursday.

Durcan, who served as chief technology officer before becoming its chief operating officer in 2007, has aided the company’s acquisitions of Elpida in 2012 and Toshiba’s DRAM business in 2001.

Up to Wednesday’s close of $24.75, Micron’s shares had more than tripled under Durcan’s leadership.