Applied Materials' No. 2 Executive to Step Down

Applied Materials Inc. said Randhir Thakur, the man who managed its biggest business, will step down from his position at the Silicon Valley company on Oct. 30.

A spokesman for the company said Mr. Thakur told employees on Monday that he had decided the time was right to pursue new opportunities, both personally and professionally.

"The next generation of leadership is ready, and the new product groups and field organizations are focused on key technology inflections and our customers' needs," the spokesman said. "We wish him all the best."

Mr. Thakur couldn't be reached for comment.

The company disclosed in a Securities and Exchange Commission filing that it had reached a separation agreement with Mr. Thakur, which entitles him to benefits that include $3 million in severance payments.

Applied is the biggest maker of machines used in manufacturing semiconductors, though it also supplies equipment used in producing video displays and solar panels. Mr. Thakur held the title of executive vice president and general manager of Applied's silicon systems group, making him the most senior executive besides Chief Executive Gary Dickerson.

Applied, under Mr. Dickerson, tried for 18 months to buy Tokyo Electron Ltd. as part of what would have created a company with a combined market value of $29 billion. But the companies abandoned the deal in April due to antitrust concerns voiced by the U.S. Justice Department.

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