Daniel Liao
PHOTRONICSAbout Daniel Liao
Daniel Liao (age 71) is an independent director of Photronics (PLAB) since September 2020, with deep Asia semiconductor operating experience. He holds a BS in Electrical Engineering from National Cheng Kung University and an MS in Electrical Engineering & Applied Physics from Case Western Reserve University . He previously led Lam Research’s Asia Pacific operations (Chairman 2017–2020; President/GM 1993–2017) and held engineering leadership roles at Integrated Device Technology (1988–1993) and Intel (1983–1988) . Liao co-founded Eunodata (semiconductor data services) and currently serves on Amkor Technology’s board and WU Vienna’s International Corporate Board .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Lam Research (Asia Pacific) | Chairman, Asia Pacific Operations | May 2017–Feb 2020 | Oversaw Taiwan, China, Southeast Asia operations |
| Lam Research (Asia Pacific) | President & GM, Asia Pacific | Aug 1993–Apr 2017 | Major contributor to product development and strategic planning |
| Integrated Device Technology | Engineering Management & Technology Leadership | 1988–1993 | Santa Clara, CA |
| Intel Corporation | Engineering roles | 1983–1988 | Livermore & Santa Clara, CA |
External Roles
| Organization | Role | Tenure/Status | Committees/Impact |
|---|---|---|---|
| Amkor Technology | Director | Current | Semiconductor OSAT board experience |
| WU Vienna University of Economics & Business | International Corporate Board member | Current | International governance exposure |
| Eunodata Co., Ltd (Taiwan) | Co-Founder | Current | Integrated data services for semiconductor manufacturing |
Board Governance
- Independence: The Board determined Liao qualifies as independent under NASDAQ standards .
- Committee assignments (current): Compensation Committee member (post Jan 6, 2025 committee: Garcia (Chair), Fiederowicz, Liao, Paladino) ; Nominating Committee member (Lewis, Liao, Garcia as of Jan 6, 2025) .
- Attendance: In FY2024, the Board met 6 times; each director attended at least 75% of Board/committee meetings on which they served .
- Lead Independent Director: As of Apr 2, 2025, Adam Lewis elected Lead Independent Director (context for board leadership) .
Fixed Compensation
| Component (FY2024) | Amount (USD) | Detail |
|---|---|---|
| Annual cash retainer | $50,000 | Non-employee director retainer |
| Meeting fees | $25,000 | 5 meetings at $5,000 each |
| Compensation Committee (member) | $15,000 | Annual committee member retainer |
| Nominating Committee (member) | $10,000 | Annual committee member retainer |
| Total cash (FY2024) | $100,000 | Sum of above |
| Equity (FY2024) | Grant Date | Shares | Grant-Date Price | Grant-Date Fair Value | Vesting |
|---|---|---|---|---|---|
| Restricted Stock | Jan 3, 2024 | 15,000 | $29.77 | $446,500 | Quarterly over one-year service period |
| Director Compensation (FY2024) | Cash | Stock Awards | Total |
|---|---|---|---|
| Daniel Liao | $100,000 | $446,500 | $546,550 |
| Director Compensation Program (Calendar 2025) | Chair Retainer | Member Retainer | Notes |
|---|---|---|---|
| Annual cash retainer | — | $70,000 | No meeting fees |
| Audit Committee | $40,000 | $10,000 | |
| Compensation Committee | $40,000 | $7,500 | |
| Nominating Committee | $20,000 | $7,500 | |
| Cyber Security Committee | $15,000 | $7,500 | |
| RSU grant (each director, 2025) | — | — | $170,000 RSU; restrictions lapse Apr 4, Jul 4, Oct 3, 2025; Jan 2, 2026 |
Performance Compensation
| Award Type | Year | Quantity/Value | Vesting Schedule | Performance Metrics |
|---|---|---|---|---|
| Restricted Stock | 2024 | 15,000 shares ($446,500) | Quarterly over one year | None disclosed for directors; time-based vesting |
| Restricted Stock Units | 2025 | $170,000 value | Restrictions lapse Apr 4, Jul 4, Oct 3, 2025; Jan 2, 2026 | None disclosed for directors; time-based vesting |
Note: Director equity is time-based; no revenue/EBITDA/TSR metrics tied to director grants are disclosed .
Other Directorships & Interlocks
| Company | Relationship to PLAB | Potential Interlock/Conflict | Disclosure |
|---|---|---|---|
| Amkor Technology | Industry adjacency (OSAT) | None disclosed by PLAB | Listed as Liao’s current board; no related-party transactions involving Liao disclosed |
| WU Vienna International Corporate Board | Academic board | None | Listed as external role |
| Eunodata Co., Ltd | Private company co-founded | None | Listed as external role |
Expertise & Qualifications
- Decades of Asia semiconductor operations leadership (Lam Research APAC Chairman; President/GM) .
- Engineering backgrounds at IDT and Intel; advanced EE & Applied Physics degree .
- Current external board experience at Amkor Technology; international governance via WU Vienna .
Equity Ownership
| Holder | Beneficial Shares | % of Class | Notes |
|---|---|---|---|
| Daniel Liao | 60,000 | <1% | Sole voting/investment power unless otherwise indicated |
| Ownership Guidelines | Requirement | Compliance |
|---|---|---|
| Non-management directors | 3x annual cash retainer (converted to fixed shares) | All directors in compliance as of Oct 31, 2024 |
| Hedging/Pledging | Hedging prohibited without GC approval (2025 policy update) | Policy in place; no pledging by Liao disclosed |
| Unvested Director Restricted Shares (as of Oct 31, 2024) | Shares |
|---|---|
| Daniel Liao | 3,750 |
Governance Assessment
- Alignment: Independent director with sector-operating depth; serves on Compensation and Nominating—key governance levers enhancing board oversight .
- Engagement: Board met 6 times in FY2024; all directors met ≥75% attendance threshold; committee workloads include 6 Compensation Committee meetings and 1 Nominating meeting (Audit 18, not Liao’s committee) .
- Ownership & incentives: Liao holds 60,000 shares; directors meet stock ownership guidelines; equity grants emphasize time-based vesting, aligning with long-term shareholder value without encouraging excessive risk .
- Compensation structure changes: Shift to RSUs valued grants ($170k) and standardized cash retainers in 2025 improves market alignment and transparency; no director meeting fees going forward .
- Conflicts/related parties: No related-party transactions disclosed for Liao; company’s policy routes any related-party review through Audit Committee; separate disclosure identifies a CEO-related customer relationship, not involving Liao .
- Shareholder sentiment: 2025 say-on-pay approved (45.33M for vs 5.15M against), supporting compensation governance environment; Liao re-elected with 45.04M votes for and 5.60M withheld .
RED FLAGS
- None disclosed specific to Liao: no hedging/pledging disclosed; no related-party transactions; meets independence and attendance thresholds .
Overall signal: Board effectiveness appears strong for Liao given committee roles, independence, and ownership alignment; limited chair responsibilities mean influence is via committee membership rather than leadership positions .