Chip machinery maker ASM International said on Friday that it would not be renewing the contract of its CFO Naud van der Ven following a dispute over his contract.

Van der Ven’s four-year contract expires on May 14 and the search has already begun for a replacement, ASMI said.
‘The supervisory board did not agree with the conditions requested by Mr. van der Ven for his reappointment,’ ASMI said in a statement.
The company added that Van der Ven is claiming severance in excess of his contractual entitlements and that the supervisory board, which ‘considers the claim inappropriate, would defend ASMI’s position accordingly’.
ASMI has been under considerable pressure from activist shareholders to change course but reached a ‘peace deal‘ earlier this year.
The company booked net profit of €18m last year, compared with €61m in 2008, including a loss of €6.2m in the final quarter.