Lam Research Chairman Bagley to retire in Nov.

(AP) Semiconductor manufacturing equipment maker Lam Research says that Chairman James W. Bagley will retire in November.

The Fremont, Calif. company said Friday that Bagley's retirement is effective on Nov. 1, the day of its annual shareholders meeting. Bagley has served as Lam Research Corp.'s chairman for the past 15 years and served as its CEO from 1997 through 2005.

Vice-Chairman Stephen G. Newberry will succeed Bagley.

Shares of Lam Research, which recently acquired Novellus Systems Inc. for $3 billion, were up 61 cents to $34 in afternoon trading.