A large part of Applied Materials' success during the recession was due to the development of leading-edge technology. In 1986, the company introduced the Precision Etch 8300A, featuring major improvements in contamination control and higher than previous levels of automation. In 1987, the company introduced the Precision 5000 CVD, a new system which met the industry's need for significant improvements in the low-temperature deposition of dielectric materials. Orders for this new technology helped Applied Materials improve its financial position, as did a public stock offering which brought in an additional $54.7 million. In the same year, James W. Bagley, Applied Materials senior vice-president of operations since 1981, with over 15 years of previous experience in engineering and project management at Texas Instruments, was appointed president and chief operating officer. Morgan, after serving 12 years as president, remained chief executive officer and chairman of the company's board of directors.