Summary
This 8-K filing from Analog Devices Inc. (ADI) on May 6, 2013, announces a significant leadership change: Vincent Roche has been officially appointed President and Chief Executive Officer (CEO) and elected to the Board of Directors. Mr. Roche has a long tenure with ADI, having served in various leadership roles, including President since November 2012 and interim CEO since March 2013 following the passing of Jerald G. Fishman. In conjunction with his permanent appointment, Mr. Roche's compensation package has been established. This includes an annual base salary of $715,000, an annual bonus target of 150% of his base salary, and equity awards consisting of non-qualified stock options valued at $750,000 and restricted stock units (RSUs) also valued at $750,000. These equity awards are set to be granted on June 17, 2013, under the company's 2006 Stock Incentive Plan.
Key Highlights
- 1Vincent Roche officially appointed President and Chief Executive Officer (CEO) of Analog Devices Inc.
- 2Vincent Roche elected to the Board of Directors.
- 3Mr. Roche has been serving as interim CEO since March 29, 2013.
- 4New compensation package for Mr. Roche includes a $715,000 annual base salary.
- 5Annual bonus target set at 150% of base salary.
- 6Equity awards granted to Mr. Roche include $750,000 in non-qualified stock options and $750,000 in restricted stock units (RSUs).
- 7Equity awards to be granted on June 17, 2013, under the 2006 Stock Incentive Plan.