01—Abstract
Summary
Summary of the 8-K filed January 25, 2024. Cited figures are marked; the original filing is the authoritative source.
Analog Devices (ADI) filed an 8-K on January 25, 2024 disclosing the appointment of Richard C.
Puccio, Jr. as Executive Vice President and Chief Financial Officer, effective February 5, 2024. Puccio will set the company's financial strategy and lead global finance operations, reporting to CEO and Chair Vincent Roche. He succeeds James Mollica, who has served as interim CFO and will continue in ADI's finance organization.
The filing is a leadership transition rather than a financial disclosure: no earnings, guidance, or balance sheet figures are reported. Puccio, 56, most recently served as CFO of Amazon Web Services from May 2021 to January 2024. Before AWS, he spent nearly 29 years at PricewaterhouseCoopers, including 21 years as a partner, primarily serving technology, semiconductor, and semiconductor capital equipment clients.
His background in technology-sector finance and high-growth operations is directly relevant to ADI's position as a large semiconductor company. Compensation terms are disclosed in the filing: a $670,000a base salary, a target annual bonus of 125% of base under the Executive Performance Incentive Plan, a $500,000 one-time hiring bonus, a $10 million RSU grant vesting in equal annual installments over three years, and a fiscal 2024 annual equity award with a grant value of $5.5 million. For investors, the package signals a significant equity-based commitment to retention and alignment, while the change itself is a routine executive transition from an interim arrangement to a permanent CFO.
02—Key points
Key Highlights
- Richard C. Puccio, Jr., former CFO of Amazon Web Services (May 2021 to January 2024), named EVP and CFO effective February 5, 2024.
- Puccio spent nearly 29 years at PricewaterhouseCoopers, including 21 years as a partner, with a focus on technology and semiconductor clients.
- James Mollica, interim CFO, continues to serve until Puccio starts and remains in ADI's finance organization.
- Base salary of $670,000 with a target annual bonus of 125% of base under the Executive Performance Incentive Plan.
- One-time hiring bonus of $500,000 plus a $10 million RSU grant vesting in equal annual installments over three years.
- Fiscal 2024 annual equity award with a grant date value of $5.5 million, consistent with other executives reporting to the CEO.
- Filing contains no financial results, guidance, or operational metrics; the disclosure is limited to leadership and compensation changes.
03—Questions
Frequently Asked Questions
Who is replacing the interim CFO at Analog Devices, and what is his background?
Richard C. Puccio, Jr. is joining as EVP and CFO effective February 5, 2024. He was CFO of Amazon Web Services from May 2021 to January 2024 and previously spent nearly 29 years at PricewaterhouseCoopers, where he was a partner for 21 years, serving technology and semiconductor clients.
What happens to James Mollica?
James Mollica will continue as interim CFO until Puccio's first day of employment. The company's CEO has said he looks forward to Mollica's continued leadership within ADI's finance organization.
What compensation is Puccio receiving?
His offer letter provides a $670,000 base salary, a 125% target annual bonus, a $500,000 one-time hiring bonus, a $10 million RSU grant vesting over three years starting one year after grant, and a fiscal 2024 equity award with a $5.5 million grant value.
Does this change affect ADI's financial results or guidance?
The filing does not disclose any financial results, guidance, or changes to operations. The appointment is a leadership transition, and its impact on financial performance will depend on future strategy decisions that the company has not yet described.
Why was the appointment announced in January 2024?
The filing does not state a reason for the timing. It notes that Puccio was leaving AWS in January 2024 and that Mollica would serve as interim CFO until Puccio starts on February 5, 2024.
04—Continue