Vedanta-Foxconn Semiconductors Limited (VFSL), a joint venture between Foxconn and Vedanta Group on May 25 stated that it has appointed Mike Young as senior vice president, project management office and manufacturing operations.
In this role, Young will oversee execution of manufacturing and operational processes as the company gears up to set its first semiconductor fab in India.
The appointment of Young comes at a time when the billionaire Anil Agarwal-led company has been on an aggressive talent acquisition drive globally to attract leaders from the semiconductor industry.
“Mike Young brings with him 34 years of extensive experience in front-end semiconductor manufacturing across multiple geographies with significant contribution to two high volume startups,” said David Reed, CEO, VFSL. "He will play a critical role in establishing best-in-class semiconductor manufacturing processes and operations," he added.
Young joins Vedanta after taking a short sabbatical from his last role as CEO of Systems on Silicon Manufacturing Company (SSMC), Singapore. Prior to this, he served as CEO of X-FAB Sarawak, Malaysia.
In a statement, Vedanta noted that Young has "extensively worked" in areas of operations, yield, and device engineering with global leaders like X-FAB UK, STMicroelectronics, Siemens, Atmel, and Plessey Semiconductors. Throughout his career, the industry veteran has "demonstrated excellence in the governance and control of high performing facilities through a combination of effective man management, continuous improvement, cost control, and operational performance enhancement. "
Commenting on his appointment, Young expressed, "The global semiconductor industry is projected to reach a trillion dollars in the coming decade, and India is at the cusp of becoming a major semiconductor player."
Young has a master’s degree in Microelectronics Engineering from Middlesex University, UK, and a bachelor’s degree in Physics from Aston University, UK.
VFSL has been on an appointment spree for some time now. The company had earlier appointed industry veteran David Reed as CEO in February and Lawrence (Wong Chee Yoong) as Senior Director – Human Resources in April. Most recently, the company hired IBM veteran Terry Daly as Advisor.
"The company continues to build a team of highly experienced personnel to be part of its semiconductor business," Vedanta stated.
Recently, Bloomberg reported that Vedanta Group took out a fresh loan for about $850 million, its latest effort to come up with funds.
The mining company inked a five-year deal with JPMorgan Chase & Co. and Oaktree, according to people familiar with the matter, who asked not to be named because the matter is private, said the Bloomberg report. The transaction took place just days before Vedanta Resources Ltd. must pay back a $500 million bond.
Meanwhile, shares of Vedanta Ltd on Thursday (May 25) were trading 1.54 percent higher at Rs 295.95 apiece on BSE during late trading hours.