Business Context and Reporting Period
This Form 6-K filing by Tower Semiconductor Ltd. covers the month of October 2004, with a specific announcement date of October 28, 2004. Tower Semiconductor is a pure-play independent wafer foundry established in 1993, manufacturing integrated circuits with geometries ranging from 1.0 to 0.13 micron. The company operates two facilities: Fab 1 (1.0 to 0.35 micron) and Fab 2 (0.18 micron and below).
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and personnel changes rather than financial performance data.
Material Changes
- Executive Resignation: Amir Harel, Vice President and Chief Financial Officer, is resigning effective November 1, 2004.
- Interim Appointment: Oren Shirazi has been appointed as Acting Chief Financial Officer.
- Search Initiated: The company has initiated a search for a permanent replacement for the CFO position.
Management Commentary and Risks
Chairman and CEO Carmel Vernia acknowledged Mr. Harel's six years of service, citing his contributions to structuring the finance team and executing fundraising transactions. Mr. Harel will continue to support the company for several months to ensure a smooth transition. Mr. Shirazi, a Certified Public Accountant with an MBA, has been with the company since October 1998, serving as Controller since July 2000. No specific financial risks or contingencies were detailed in this filing.
Key Facts for Investor Verification
- Confirm the effective date of the CFO resignation (November 1, 2004).
- Verify the background and qualifications of the Acting CFO, Oren Shirazi.
- Monitor future filings for the appointment of a permanent CFO.
- Note that this filing contains no financial performance data for the period.