Summary
Analog Devices, Inc. (ADI) filed an 8-K on March 6, 2017, reporting two key events. First, the company announced that its Senior Vice President, Finance and Chief Financial Officer, David A. Zinsner, will be resigning from his CFO position effective March 17, 2017, and will depart the company on March 30, 2017. Eileen Wynne, the current Vice President and Chief Accounting Officer, will serve as interim CFO. Second, ADI announced the receipt of final regulatory approval from China's Ministry of Commerce for its proposed acquisition of Linear Technology Corporation (Linear). The parties expect to close this significant transaction on March 10, 2017. The filing also included updated financial guidance for ADI's second fiscal quarter of 2017.
Key Highlights
- 1CFO David A. Zinsner is resigning, effective March 17, 2017.
- 2Eileen Wynne, VP and Chief Accounting Officer, appointed interim CFO.
- 3ADI received final Chinese regulatory approval for the acquisition of Linear Technology Corporation.
- 4The acquisition of Linear Technology is expected to close on March 10, 2017.
- 5The company announced updated financial guidance for the second fiscal quarter of 2017.
- 6Mr. Zinsner's departure is not due to any dispute with the company and he will receive a pro-rated bonus.
- 7The press release announcing these events is incorporated by reference as Exhibit 99.1.