Mary Puma Elected Chief Executive Officer and Mike Luttati Chief Operating Officer of Axcelis Technologies; Brian Bachman Transitions Reigns to Established Leadership Team

BEVERLY, Mass., Jan 24, 2002 (BUSINESS WIRE) -- Axcelis Technologies, Inc. (NASDAQ: ACLS), announced today that it has elected Mary Puma, the company's President and Chief Operating Officer, as its new President and Chief Executive Officer, effective immediately. Mike Luttati, Senior Vice President of Axcelis' Ion Implant and Rapid Thermal Processing Systems, has been promoted to the position of Executive Vice President and Chief Operating Officer. Brian Bachman, Axcelis' Vice Chairman and CEO, has decided to leave the company to pursue other endeavors.

Stephen Hardis, Axcelis' Chairman, commented, "Brian joined Eaton as a Senior Vice President and Group Executive in 1995, and led Axcelis as a division of the Eaton Corporation. He spearheaded Axcelis' successful IPO in July 2000, and guided the company through its first six quarters as public company. We want to express our appreciation to Brian for his leadership in establishing Axcelis as an independent corporation and putting a very strong leadership team in place. All of us wish him well in all of his future activities. Long before Mary joined Axcelis, she was a rising star within Eaton," Hardis added. "The Board and I are very pleased that she has accepted this challenge and have every confidence in her skill and leadership."

"I have great confidence in the team we have built at Axcelis," Bachman said. "The company today is well positioned strategically, financially and organizationally to continue on its growth path. I am proud of what we have accomplished at Axcelis over the past six years. It is now time for me to pursue other endeavors and allow the new leadership to take Axcelis to the next level."

"Axcelis has all the ingredients for continued success," said Puma. "We have industry-leading products, close relationships with our customers, a strong balance sheet and a team of very talented and dedicated people, including my new Chief Operating Officer Mike Luttati. I am very excited by the opportunity to build on these strengths and leverage them into continued growth and significant shareholder value. We thank Brian for his industry vision, and for setting the stage for this future growth."

Since joining Axcelis' former parent company, Eaton Corporation, in 1996, Mary Puma has held a series of positions of increasing responsibility at [Eaton and] Axcelis. Prior to joining Eaton, Puma held various marketing and general management roles during a 15-year career at General Electric.

Mike Luttati joined Axcelis' former parent company, Eaton in 1999 as director of worldwide sales and service. Prior to that, Luttati held various sales and marketing positions for 15 years with Teradyne Inc.

About Axcelis Technologies, Inc.

Axcelis Technologies, Inc., headquartered in Beverly, Massachusetts, provides innovative, high-productivity solutions for the semiconductor industry. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation, rapid thermal processing, and cleaning and curing systems. Axcelis Technologies has key technology centers in Beverly, Massachusetts, and Rockville, Maryland as well as in Toyo, Japan through its joint venture, SEN. The company's Internet address is: www.axcelis.com.

CONTACT:
Company Contact:
Axcelis Technologies, Inc.
Maureen Hart, (978) 787-4266
maureen.hart@axcelis.com
or
Investor Contact:
Axcelis Technologies, Inc.
Mark Namaroff, (978) 787-4000
investor-relations@axcelis.com
or
Agency Contact:
The Loomis Group Inc.
Dave Snyder, (617) 638-0022
snyderd@loomisgroup.com