Micron CEO Appleton dies in plane crash

Steve Appleton

Micron Chairman and Chief Executive Officer Steve Appleton died in a plane accident in Boise Feb. 3.

Appleton, born in 1960, joined Micron in 1983. He was appointed president and chief operating officer in 1991 and in 1994 he was appointed to the position of chairman, chief executive officer and president.

Trading of Micron’s stock on the New York Stock Exchange was halted during the middle of the day on Feb. 3. Mark Durcan, currently the president and chief operating officer, will take over for Appleton until Micron’s board appoints a new CEO. The board is scheduled to meet the weekend of Feb. 4 and 5.

Officials at the Boise airport said an experimental fixed wing single engine Lancair aircraft crashed between two runways just before 9 a.m. Appleton, a stunt pilot, was also in a plane crash in July 2004.

Micron employees learned of Appleton’s death at close to 12 p.m., approximately the same time the company’s board of directors released a public statement confirming Appleton’s death. The mood at Micron offices in Boise were somber, according to several Micron employees.

Appleton, who started on the production floor at Micron, was sometimes seen walking through work areas and talking to rank-and-file personnel, one employee said.

Micron was once the largest private employer in Idaho, with more than 10,000 employees in 2007. The Boise-based semiconductor manufacturer now employs an estimated 5,000 people in Idaho.

Many Boise and Idaho leaders offered their remembrances for Appleton.

“He was a philanthropist and a great friend to Boise. He will be remembered as a major force in Idaho history — a man who transformed our state’s economy by redefining what is possible for Idaho business,” said Boise Mayor Dave Bieter.

“Boise State lost one of its own today,” said Boise State University President Bob Kustra. “He played a critical role in transforming Boise State into a research university serving the tech economy of Idaho.”

“Steve Appleton was to Idaho what Steve Jobs was to America.  His innovation, positive attitude and forward thinking approach will be greatly missed,” Idaho’s congressional delegation, Republican Sens. Mike Crapo and Jim Risch and Reps. Mike Simpson and Raul Labrador, said in a prepared statement.

Without Appleton, Micron now enters a transitional period when it needs to figure out who will lead the company. Jim Handy, the chief analyst with semiconductor research firm Objective Analysis in Los Gatos, Calif., said Micron’s future does not hinge on Appleton.

“It isn’t like the company revolves around a single personality. They will perservere,” Handy said.

Micron could suffer from some short term effects, including rumors of negotiations with struggling Japanese DRAM maker Elpida, he said. Analysts believed Micron was “to its ears in negotiating to take over that company” recently, Handy said.

There will also most certainly be a stock sell off when Micron trading resumes, he said.

“There is always going to be a stock sell off,” Handy said. “The less people understand about a business the more likely they are going to be jittery at something like that.”

Appleton had addressed shareholders Jan. 24, assuring people that while 2012 was going to be a rough year due to a flooded DRAM memory market, the company was well positioned to weather the down market.

Handy said that most companies have a succession plan, and Appleton’s pastime of flying experimental aircraft would make the company even more diligent.

“I would suspect that any company who has somebody with a risky hobby is going to have plans in place,” Handy said. “I’m sure that Micron has a succession plan.”

Appleton survived another plane crash in July 2004, walking away from the spectacle and speaking the next day at the SEMICON West trade show in San Franscisco, Calif. He opened his keynote address with a video from the cockpit of the plane that went down the previous morning before taking the stage with a sling on his arm.

Appleton joked about his sometimes dangerous hobbies in a Jan. 24 shareholders meeting, making light of his sometimes dangerous hobbies while showing a YouTube video of off-road car racing.

“Now the good news for my board of directors is I was not in one of those cars. Okay? But I do occasionally do some off-road driving,” Appleton said.

Durcan, who had been Micron’s second-in-command, announced his retirement on Jan. 26, effective in August. In that news release, the company announced that Mark Adams, the vice president of worldwide sales, would succeed Durcan.

Appleton received a degree in business administration from Boise State University in 1982. Both Appleton and Micron have made major contributions to BSU. Appleton was a leader on the school’s recent capital campaign. He also helped develop BSU’s College of Engineering and the school’s Appleton Tennis Complex bears his name.

The Associated Press contributed to this report.

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