8-KLeadership ChangesRegulation FDExhibits & Filings

APPLIED MATERIALS INC /DE 8-K Report, Executive Changes (Sep 21, 2009)

Filed September 21, 2009For Securities:AMAT

Summary

Applied Materials, Inc. (AMAT) filed an 8-K on September 21, 2009, reporting a key executive departure and a salary adjustment. Thomas St. Dennis, Senior Vice President and General Manager of the Silicon Systems Group, announced his resignation, effective October 2, 2009. Leadership of the Silicon Systems Group will be assumed by Randhir Thakur, while Mark R. Pinto will take over leadership of the Display and SunFab Solar Group in addition to his current responsibilities. Furthermore, the company's Human Resources and Compensation Committee approved the termination of a 20% reduction in the annual base salaries of its Named Executive Officers (NEOs). This reduction, which was implemented in February 2009, will cease to be effective on November 2, 2009, as part of a broader initiative to restore employee pay. These changes signal potential shifts in senior leadership and a move towards normalizing compensation structures.

Key Highlights

  • 1Resignation of Thomas St. Dennis, Senior Vice President and General Manager of Silicon Systems Group, effective October 2, 2009.
  • 2Randhir Thakur to assume leadership of the Silicon Systems Group.
  • 3Mark R. Pinto to assume leadership of the Display and SunFab Solar Group, in addition to current duties.
  • 4Termination of the 20% reduction in NEO base salaries approved.
  • 5Salary reduction reversal effective November 2, 2009, as part of a broader pay restoration program.
  • 6The company issued a press release on September 18, 2009, detailing these announcements.

Frequently Asked Questions

This 8-K filing primarily announces the resignation of a key executive, Thomas St. Dennis, and the subsequent leadership realignments within the company. It also discloses the decision to reverse a temporary salary reduction for Named Executive Officers.

Randhir Thakur, Senior Vice President, will assume leadership of the Silicon Systems Group, previously managed by Thomas St. Dennis. Mark R. Pinto, Senior Vice President and CTO, will also take on leadership of the Display and SunFab Solar Group.

The 20% reduction in annual base salaries for Named Executive Officers, which began in February 2009, will be terminated and restored to regular levels effective November 2, 2009.

No, this Form 8-K is an event-driven filing and does not contain financial statements or detailed financial results. It focuses on reporting material events such as executive changes and compensation adjustments.