Electro Scientific Industries, Inc. (Nasdaq: ESIO), a leading provider of world-class photonic and laser systems for micro-engineering applications, today announced the appointment of its newest member, David Nierenberg, to its Board of Directors, effective February 24, 2010. Nierenberg, with professional experience in investing and management consulting, comes to ESI with significant expertise in strategic planning and corporate governance matters.
“I am very pleased that David has agreed to serve as a director. Our board believes David brings a broad set of skills and experience that will assist us in executing our strategy of entering adjacent markets and applications to drive sustainable and profitable growth”
“I am very pleased that David has agreed to serve as a director. Our board believes David brings a broad set of skills and experience that will assist us in executing our strategy of entering adjacent markets and applications to drive sustainable and profitable growth,” said Nick Konidaris, president and CEO of ESI.
“I am very enthusiastic about joining the board of ESI. As the manager of several funds that have been long-term investors in the company, I have been impressed with ESI’s continual expansion of its addressable market and diversification of its business. I look forward to working with my fellow directors and ESI management in helping the company continue to execute its strategy and achieve its growth objectives,” said Nierenberg.
Since 1996 Nierenberg has served as president of Nierenberg Investment Management Company, Inc., an investment management firm. He was previously with venture capital firms Trinity Ventures and G.E. Venture Capital. He started his career in management consulting with Bain & Company, eventually becoming a partner. He holds both a Bachelor of Arts and Juris Doctor from Yale University. Nierenberg is currently chair of the Millstein Center for Corporate Governance & Performance at Yale University. He previously served as a director of Casa Ole Mexican Restaurants, Inc. and Natus Medical Incorporated.
In connection with his appointment, Nierenberg has been awarded 12,500 restricted stock units, which will vest 25 percent annually on each of the first four anniversaries of his appointment to the board.