BANNOCKBURN, IL — IPC president Denny McGuirk has resigned to accept a new position as president and CEO of SEMI, effective Nov. 1, the trade group announced today.

“Denny has been a tremendous leader and a great friend to our industry. I am sure I speak for the entire board in saying that he will be sadly missed. IPC is in a great position thanks to his hard work and dedication,” says Bob Ferguson, IPC chairman in a statement. Ferguson also said he would chair a search committee.

McGuirk has been president of the printed circuit and electronics assembly trade group since October 1999. He previously was with the National Rifle Association.

SEMI is an industry association for the semiconductor materials and equipment, microelectronic, display and photovoltaic industries.

At SEMI, McGuirk is likely in line for a large pay raise. Former CEO Stanley Myers earned $721,000 in 2009, the last year IRS forms are available for SEMI. Meanwhile, McGuirk earned $368,000 in compensation that year, up from $240,000 in 2004.