Micron shares fell nearly 3 percent today, closing the day at $7.73. That’s following the news of CEO Steve Appleton’s death in a small plane crash at the Boise airport on Friday. Micron named its president and chief operating officer, Mark Durcan, to the CEO position on Saturday.
Analysis of Micron’s position in the wake of Appleton’s death predicts the company may face some “short-term weakness” but that the long-term outlook for the company is strong.
A piece in The Wall Street Journal today indicates that Appleton’s passing may slow consolidation in the memory chip industry. The piece observes that “Micron is the last remaining U.S. competitor in an industry that American companies once dominated,” and describes Appleton’s influence this way:
Appleton “simply cannot be replaced in terms of his vision,” Raymond James analyst Hans Mosesmann said. But “investors can be comforted by the fact that a large part of Appleton’s vision was in its final phases.” — The Wall Street Journal
More StateImpact coverage about Micron and Steve Appleton is available here.