Lam Research Corp. LRCX, -6.40% Chief Executive Martin Anstice resigned Wednesday amid an investigation into allegations of misconduct. Anstice will be replaced on a permanent basis by President and Chief Operating Officer Tim Archer, who has been COO since 2012 and was seen as being groomed to eventually take over the top job. Lam, one of the largest chip-equipment companies in the world, said that an investigation by the board and an external law firm into allegations of misconduct in the workplace will continue. Anstice resigned and will not receive any severance benefits, Lam stated in its announcement. “Lam Research takes all allegations of misconduct seriously,” lead independent director Abhi Talwalkar said in the news release. Lam stated that none of the allegations involved financial misconduct, and reaffirmed its financial guidance for the current quarter.

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