Micron Technology, Inc. (NASDAQ:MU) announced that the board of directors has appointed Sanjay Mehrotra as president and chief executive officer and a member of the board of directors, effective May 8, 2017. Mehrotra succeeds Mark Durcan and joins Micron at a time of increasing opportunity for memory and storage technologies and solutions as the key enablers for the next-generation of computing architectures.
“Sanjay has an outstanding track record of business success and exceptional knowledge of the memory and storage industry,” said Robert E. Switz, chairman of the board of directors and a member of the CEO selection committee. “His experience in markets ranging from consumer to enterprise make him uniquely qualified to lead Micron into the future.”
Mehrotra was a co-founder of SanDisk and served as its president and CEO from 2011 to 2016. He drove the growth of the company from a start-up in 1988 to an industry-leading Fortune 500 company with revenues that reached $6.6 billion, and ultimately culminated in a sale for $16 billion to Western Digital Corporation in 2016.
His team pioneered a diversified and comprehensive portfolio of flash storage solutions that included removable products, embedded mobile solutions, client and enterprise solid state drives and innovative enterprise system solutions. He also initiated and guided a highly successful 17-year joint venture partnership with Toshiba in NAND Flash memory technology development and manufacturing. In addition, he established and ran key manufacturing operations in China, Taiwan, Japan and Malaysia.
“Innovation in memory and storage technology is enabling new products, improved customer experience and growth across multiple markets,” said Mehrotra. “Micron is at the forefront of driving these innovations, and I am thrilled to have the opportunity to lead such a talented global team.”
Durcan will step down as CEO and from the Micron board of directors effective May 8, 2017, but will serve as an advisor to the company until early August. “Mark has made an immense contribution to Micron and to the semiconductor industry at large over his 32 years at the company and 5 years as CEO,” noted Switz. “We wish him all the best in his future endeavors.”
Shares of Micron are up nearly 2% to $27.34 in Thursday’s trading session. MU has a 1-year high of $29.87 and a 1-year low of $9.35. The stock’s 50-day moving average is $27.13 and its 200-day moving average is $22.46.
Overall, one research analyst has assigned a Hold rating and 17 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $36.41 which is 35.9% above where the stock closed yesterday.
Micron Technology, Inc. engages in the designing, and building memory and semiconductor technologies. It operates through the following segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, Embedded Business Unit.