Lam said the alleged misconduct did not involve financial misconduct, nor did it relate to questions regarding the integrity of the company’s financial systems or controls.
Lam also announced that is formed chief operating officer Tim Archer, has been appointed president and CEO with immediate effect. Archer has also been appointed to the board of directors.
Anstice had been CEO of Lam since January 1, 2012 and became a director of Qualcomm Inc. in October of this year. He is the fourth chip industry CEO to leave his post in 2018 amid allegations of impropriety.
In June Brian Krzanich resigned as Intel CEO after the company was informed about a past relationship with an Intel employee. In July Ron Black had his contract as CEO of intellectual property licensor Rambus terminated for undisclosed circumstances that were not to do with financial conduct of the company. In the same month analog chip company Texas Instruments announced the resignation of CEO Brian Crutcher less than two months after he took up the positions.
"The board believes strongly in Lam's vision and strategy. With Martin’s resignation, we are implementing our existing succession plan in which Tim was designated to succeed Martin. We are confident that Tim is the right leader to execute on the company’s strategic agenda and drive success in the coming years," said independent director Abhi Talwalkar.
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