Chang Quits Newport Corp. Presidency; Galantowicz Selected as His Successor

Newport Corp., a Fountain Valley technology company, said President and Chief Executive Officer Milton Chang has resigned to pursue “outside personal interests.” The company named Senior Vice President Thomas A. Galantowicz, 44, as Chang’s successor. Galantowicz now heads the company’s manufacturing, engineering and research and development operations.

Chang, 44, will continue to serve on Newport’s board of directors and as chairman of the board’s executive committee. A native of China, Chang joined the company shortly after its founding in 1969, serving in several marketing management posts before being named president in 1982. Over the past six years, Newport’s annual sales have grown from $18 million to $48 million.

In a prepared statement, Chang said he has been considering resigning for some time.

“It is only recently that I believed that the necessary management and operational systems had been put in place to position the company for sustainable long-term growth,” he said. “Now, with a clear conscience, I can concentrate my energies on a longstanding interest in helping start and manage other entrepreneurial ventures.”

A company official said Chang was unavailable for comment Tuesday.

Chang’s departure comes at a time of improved profitability for the manufacturer of laser and electro-optical research equipment.

Newport suffered its first earnings decline in years in 1986, but recently has bounced back. The company’s earnings rose 33% to $3.1 million for the six months ended Jan. 31, while revenues grew 17% to $24.8 million.

Erwin Tomash, Newport’s chairman, said he accepted Chang’s resignation “with deep regret.”

Like Newport’s two previous presidents, Galantowicz, who joined the Fountain Valley firm in 1982, has a strong technical background. He holds a doctorate in electrical engineering from Ohio State University.