Summary
Analog Devices Inc. (ADI) has filed an 8-K report announcing a key executive change. The company is appointing Prashanth Mahendra-Rajah as its new Senior Vice President, Finance and Chief Financial Officer, effective September 28, 2017. Mr. Mahendra-Rajah brings extensive financial leadership experience from previous roles at WABCO Holdings Inc., Applied Materials, Inc., Visa Inc., and United Technologies Corporation. This appointment comes shortly after ADI's acquisition of Linear Technology Corporation in March 2017. The compensation package for Mr. Mahendra-Rajah includes a base salary of $550,000, a $500,000 cash hiring bonus, and significant equity awards totaling $3.65 million ($2 million in standard RSUs and $1.65 million in performance-based RSUs tied to the Linear Technology integration). Eileen Wynne will transition from interim CFO to her permanent role as Vice President and Chief Accounting Officer.
Key Highlights
- 1Appointment of Prashanth Mahendra-Rajah as Senior Vice President, Finance and Chief Financial Officer, effective September 28, 2017.
- 2Mr. Mahendra-Rajah has a strong financial background with experience at WABCO Holdings Inc., Applied Materials, Inc., Visa Inc., and United Technologies Corporation.
- 3Annual base salary for Mr. Mahendra-Rajah set at $550,000.
- 4Cash hiring bonus of $500,000 provided, subject to a clawback provision.
- 5Equity awards granted to Mr. Mahendra-Rajah include $2,000,000 in restricted stock units vesting over three years and $1,650,000 in performance-based restricted stock units.
- 6Performance-based equity is linked to the successful integration of the recently acquired Linear Technology Corporation.
- 7Eileen Wynne will continue as Vice President and Chief Accounting Officer after serving as interim CFO.