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John Denzel, President and Chief Operating Officer of Ultratech Inc., has resigned his position with immediate effect, according to the press statement issued late yesterday. Mr. Denzel will continue with the company for a certain period of time reporting to Mr. Zafiropoulo but no further details were provided.

"During the time John and I have worked together, I have come to respect him a great deal, both as a person and as a professional. His leadership and strong character have guided the organization through challenging times," Zafiropoulo said. "I am confident that John has a bright future ahead of him and, on behalf of our entire management team, I sincerely wish him well as he pursues the next chapter of his career."

Ultratech Inc. is a small-cap semiconductor equipment company based in Silicon Valley.