AXT Co-Founder Returns As CEO

FREMONT, Calif. (AP) -- Chip materials supplier AXT Inc. said Monday it has named co-founder Morris Young as its chief executive, putting him back in a post he left about five years ago.

Young, who was AXT's CEO over a 15-year stretch ending in 2004, succeeds Philip Yin, who resigned in March and gave up his seat on the board to pursue other opportunities.

Young had been an AXT director since 1989 and chairman of the board from 1998 to 2004. He was a former physicist at Lawrence Livermore National Laboratory.

AXT said while there were several strong candidates for CEO, Young was the most qualified at hand.

Shares of Fremont, Calif.-based AXT fell 8 cents to $1.55 in morning trading.