BOISE -- J.R. Simplot, the billionaire who bankrolled what now is Idaho's largest employer, announced he will retire from computer chipmaker Micron Technology Inc.'s board of directors on July 1.
The 90-year-old potato magnate, who remains active and continued to snow ski until last winter, also said he would step down from the board of directors of personal computermaker Micron Electronics Inc. on the same day."I think I can say that I have put in my time," Simplot said Wednesday in a statement issued by Micron Technology. "I have nothing but support for the company and its management. It certainly has been a pleasure to represent the shareholders and watch the company grow."
Micron and its subsidiaries, with 11,000 of their 15,000 employees in Idaho, manufacture semiconductors, graphics accelerators, personal computer systems and radio frequency identification products.
Simplot was 71 in 1980 when he invested $1 million with twins Ward and Joe Parkinson on a 40 percent share of what would become Micron Technology. He later provided $20 million more to help Micron build its first chip fabrication plant and weather downturns in the cyclical computer market.
"We are grateful to Mr. Simplot for his many years of devoted service and support for this organization," Steve Appleton, Micron Technology's chairman and chief executive officer, said. "He has provided valuable insight over the years and will be missed by all. We wish him well in his retirement from service with the company."
Simplot's stake in Micron is down to less than 12 percent from more than 20 percent in 1995. And he said in an interview earlier this year with The Associated Press that he wanted to retire from the company's board after visiting chip plants in Italy and Singapore that Micron bought from Texas Instruments last fall.