Lam Research Appoints New COO, SVP Roles to Accelerate AI-Era Growth
Lam Research will appoint Sesha Varadarajan as COO and expand Karthik Rammohan’s SVP operations role effective March 6, 2026, to enhance product innovation, customer support, corporate strategy, and supply chain oversight. Pat Lord will retire after 20+ years, paving way for leadership aimed at boosting market share and service growth.
1. Leadership Transitions to Boost Operational Velocity
On March 6, 2026, Lam Research elevated Sesha Varadarajan to Chief Operating Officer and expanded Karthik Rammohan’s remit as Senior Vice President of Global Operations and Enterprise Solutions. Varadarajan, previously head of the global product group, will now oversee the entire product portfolio, customer support, corporate strategy and government affairs. Rammohan will continue to lead manufacturing and supply chain while adding responsibility for IT systems, quality and facilities. These moves aim to align product innovation with service delivery and strengthen the company’s ability to scale operations in response to accelerating semiconductor demand.
2. Q2 Financial Results and Outlook
In the quarter ended December 28, 2025, Lam Research reported revenue of $5.34 billion, up 22.1% year-over-year, and non-GAAP earnings per share of $1.27, beating consensus estimates by $0.10. Net margin stood at 30.2% and return on equity topped 62.8%. For the fiscal third quarter, management guided to non-GAAP EPS of $1.25–$1.45, reflecting continued strength in deposition and etch intensity and anticipated growth in the services business.
3. Institutional and Insider Activity
Institutional investors hold approximately 84.6% of shares outstanding. In the most recent 13F filing, Wallace Hart LLC initiated a position of 8,671 shares valued at $1.16 million, making it the fund’s 20th largest holding. Several other funds have built new stakes ranging from $26,000 to $44,000 in recent quarters. Insider activity included the CFO reducing his stake by 3.9% through a sale of 40,080 shares at an average price of $150.60, resulting in a holding of 987,237 shares valued at roughly $148.7 million.
4. Analyst Upgrades and Investor Sentiment
Over the past month, five major brokerages raised their recommendations and price targets on Lam Research. Bank of America lifted its target from $195 to $245, while JPMorgan raised its target to $300, both citing robust AI-driven semiconductor demand. Cantor Fitzgerald, B. Riley and Stifel Nicolaus each reaffirmed or increased their buy ratings, with average expected upside of more than 15%. The consensus rating stands at Moderate Buy with an average price objective near $238.