Photronics elevates CFO Eric Rivera to President; Zhang named CAO and Alesio administrative chief
Effective January 12, Photronics appointed Eric Rivera as President while he continues serving as Chief Financial Officer, a role he has held since May 2024. Rui Zhang was named Chief Accounting Officer and Todd Alesio Senior Vice President and Chief Administrative Officer to bolster finance and HR accountability.
1. Executive Officer Appointments Strengthen Leadership Team
Effective January 12, 2026, Photronics named Eric Rivera as President while he continues to serve as Chief Financial Officer and principal financial officer. Rivera has led the company’s finance function since 2020, having served as Chief Accounting Officer and Corporate Controller before his CFO appointment in May 2024. Concurrently, Rui (Elie) Zhang was promoted to Chief Accounting Officer and remains Corporate Controller; Zhang joined the controller’s office in 2024 after a stint as Assistant Controller. Todd Alesio, who joined Photronics in November 2024 as Head of Global Human Resources, was appointed Senior Vice President and Chief Administrative Officer. CEO George Macricostas emphasized that these moves will sharpen organizational clarity, reinforce accountability across finance, accounting and HR functions, and support execution of growth initiatives under his ongoing leadership.
2. Insider Sale Reflects Steady Stake Management
On January 7, Lee Kang Jyh, a director on Photronics’ board, sold 10,000 directly held shares in an open-market transaction valued at approximately $348,300. This represented a 2.19% reduction in his direct holdings, which remain at 445,850 shares post-sale. The transaction size aligns with the median of his recent sell-only transactions and involved no derivatives or indirect entities. The sale occurred during a period in which Photronics shares have risen by more than 40% over the past 12 months, underscoring that the director’s decision appears to reflect routine portfolio management rather than a shift in conviction.
3. Underlying Financial Performance and Investor Implications
Photronics reported trailing-twelve-month revenue of $849.3 million, down 2% year-over-year, while GAAP net income rose to $136.4 million from $130.7 million in fiscal 2024. Management highlighted strong U.S. demand validating recent capacity investments and growing diversification from Korean customers. With shares having outperformed the broader market by over 20 percentage points in the past year, these executive appointments and the modest insider sale are unlikely to alter the company’s strategic trajectory. Investors can view the insider transaction as consistent with established patterns and focus instead on Photronics’ execution of its photomask capacity expansion and customer diversification strategy.