SiliconBeat

Novellus Systems said Wednesday that Chief Executive Richard Hill will begin getting paid a base salary equal to 90 percent of his reported 2008 base salary, which was $878,000, according to the company’s last proxy, making his new base salary $790,200. Divided by 12, that amounts to about $65,850 a month.

But the reduction is effectively a raise, given that Read the rest of this entry »

Novellus Systems, the San Jose chip-equipment maker that reported a $66.4 million loss for its 2009 first quarter as its sales fell 69 percent, has decided it won’t be needing the $150 million in credit it had arranged through Bank of America, according to a regulatory filing.

The company, which spent $1.7 million reducing its workforce during its most recent quarter on top of the $6.9 million it spent during the fourth quarter of 2008, was able to add Read the rest of this entry »

Mattson Technology of Fremont is the latest chip-equipment maker to announce layoffs as it begins a “reorganization of its structure to reflect changes in anticipated levels of business,” according to a filing it made today after the markets closed. (Earlier Tuesday Novellus Systems said it had decided to cut 10 percent of its staff as it lowered profits forecast for the second time in three weeks.)

Mattson said it will “reduce approximately Read the rest of this entry »

Novellus Systems, the San Jose maker of semiconductor-manufacturing equipment, entered into a sponsorship agreement with the Yerba Buena Center for the Arts in San Francisco that will put its name on the art center’s 750-seat theater, which will now be known as Novellus Theater, according to a press release put out by the company Monday. Read the rest of this entry »