Costa Mesa-based printed circuit board maker TTM Technologies Inc. last week announced a leadership change and third-quarter earnings that missed Wall Street expectations.
President Thomas Edman, who joined the company early this year, will replace longtime Chief Executive Kenton Alder after Alder’s retirement at year-end. Alder, who has held the top post since the company’s launch in 1998, will continue to serve on the board and will hold an advisory position for one year during the transition, the company said.
Edman, prior to joining TTM, served as group vice president at Applied Materials Inc., where he ran the screen display business for the Santa Clara-based manufacturer, which posted $8.7 billion in sales last year.
TTM sales in the recently ended quarter topped $338.7 million, flat from a year ago and below analyst estimates of $347 million. Adjusted profits were $11.6 million, down 32% from a year ago. Wall Street was looking for an adjusted profit of about $14 million.
TTM makes circuit boards for the communications, industrial, medical and consumer electronics sectors.
—Chris Casacchia
