8-KLeadership Changes

APPLIED MATERIALS INC /DE 8-K Report, Executive Changes (Sep 6, 2013)

Filed September 6, 2013For Securities:AMAT

Summary

Applied Materials, Inc. (AMAT) announced a key executive appointment in an 8-K filing dated September 5, 2013. Charles Read has been appointed as the new Corporate Vice President, Corporate Controller, and Chief Accounting Officer, effective September 30, 2013. Mr. Read brings significant experience from his previous role as Vice President, Corporate Controller at Brocade Communications Systems, Inc., and his prior experience in public accounting at KPMG LLP. This appointment is important for investors as it fills a critical leadership position within the company's financial reporting and controls. Mr. Read's compensation package includes a base salary of $320,000, a target bonus of 70% of his base salary, a $360,000 sign-on and retention bonus with a repayment clause, and an award of 30,000 restricted stock units vesting over four years. These details provide insight into the company's investment in experienced financial leadership and its commitment to retaining key talent.

Key Highlights

  • 1Charles Read appointed Corporate Vice President, Corporate Controller, and Chief Accounting Officer, effective September 30, 2013.
  • 2Mr. Read brings prior experience from Brocade Communications Systems, Inc. as Vice President, Corporate Controller.
  • 3His compensation package includes an annual base salary of $320,000.
  • 4Eligible for a target bonus of 70% of his base salary under the Applied Incentive Plan.
  • 5Receives a $360,000 sign-on and retention bonus, subject to repayment if employment ends within two years.
  • 6Awarded 30,000 restricted stock units vesting over a four-year period, contingent on continued employment.

Frequently Asked Questions

Charles Read has been appointed as the Company's Corporate Vice President, Corporate Controller and Chief Accounting Officer.

Mr. Read's appointment is effective September 30, 2013.

Mr. Read will receive an annual base salary of $320,000, a target bonus of 70% of his base salary, a $360,000 sign-on and retention bonus (repayable if employment ends within two years), and 30,000 restricted stock units vesting over four years.

The appointment of a new Chief Accounting Officer is crucial for financial integrity and reporting. Mr. Read's experience suggests a focus on strengthening the company's financial leadership. The details of his compensation, including stock awards, also indicate the company's strategy for attracting and retaining key talent in a competitive market.