Teradyne Promotes President Mark Jagiela To Succeed Michael Bradley As CEO

(RTTNews) - Automated test equipment maker Teradyne, Inc. (TER) announced Wednesday the promotion of President Mark Jagiela to chief executive officer, effective January 31, 2014, as part of a CEO succession plan.

Jagiela will succeed Michael Bradley, who is retiring, but will continue as a director of the company. Jagiela will also join the board of directors on the same date.

"As Mark takes the reins, Teradyne's core test businesses are more competitive and financially stronger than ever. Mark's technical background, broad understanding of the business, and strong leadership skills have prepared him well to drive Teradyne's future growth," Chairman Albert Carnesale said is a statement.

Jagiela, a 31-year veteran of Teradyne, has been serving as the president of Teradyne since January 2013 and as the president of the Semiconductor Test Division since 2003. Prior to this role, he was the worldwide marketing manager of Teradyne's semiconductor test products from 2001 to 2003.

Jagiela joined Teradyne in 1982 as a design engineer, developing image sensor test systems. He also served as general manager of Teradyne's Japan Division from 1989 to 1999, but then returned to the U.S. in 1999 as the engineering manager for the company's VLSI Test Division.

Meanwhile, Bradley retires from the company after a 33-year career with the company. He is serving as the CEO and as a member of the Board of Directors since 2004. He has held a variety of senior leadership positions in finance, marketing, and sales management at Teradyne.

He served as president of Teradyne from May 2003 to January 2013, and as president of the Semiconductor Test Division from 2001 to 2003.

"Under Mike's leadership, the company transformed its operating model, integrated three major acquisitions which expanded its served market by over 30 percent, and delivered the best multiyear financial performance in the company's history," Carnesale added.

TER closed Wednesday's regular trading session at $17.31, up $0.13 or 0.76% on a volume of 1.34 million shares.