8-KLeadership ChangesExhibits & Filings

APPLIED MATERIALS INC /DE 8-K Report, Executive Changes (Jul 25, 2017)

Filed July 25, 2017For Securities:AMAT

Summary

Applied Materials, Inc. (AMAT) announced a significant change in its executive leadership through an 8-K filing on July 24, 2017. The company appointed Daniel J. Durn as its new Chief Financial Officer (CFO), effective August 24, 2017. Mr. Durn will join the company on August 7, 2017, and will succeed the current CFO, Robert J. Halliday. This leadership transition is structured to ensure a smooth handover, with Mr. Halliday remaining with the company in a new role focused on business development. Mr. Durn brings a wealth of experience from previous CFO roles at NXP Semiconductors and Freescale Semiconductor, as well as a finance leadership position at GlobalFoundries. His compensation package reflects his senior role and includes a substantial base salary, bonus potential, and significant equity awards. The appointment of Mr. Durn signals a continuation of the company's focus on financial stewardship and strategic growth within the semiconductor equipment industry.

Key Highlights

  • 1Appointment of Daniel J. Durn as Chief Financial Officer (CFO), effective August 24, 2017.
  • 2Current CFO, Robert J. Halliday, will transition to a new role focused on business development.
  • 3Mr. Durn joins from NXP Semiconductors, bringing extensive experience from leadership roles in the semiconductor industry.
  • 4Mr. Durn's compensation includes a base salary of $600,000 and eligibility for a 110% target bonus.
  • 5Significant sign-on and special bonus payments totaling $750,000 are part of Mr. Durn's initial compensation.
  • 6Mr. Durn will receive substantial equity awards, including RSUs and PSUs, with a total target value of $5,500,000.
  • 7The appointment is accompanied by a press release filed as an exhibit to the 8-K.

Frequently Asked Questions

Daniel J. Durn has been appointed as the new CFO of Applied Materials, effective August 24, 2017. He will join the company on August 7, 2017.

Robert J. Halliday will remain with Applied Materials to support a smooth transition and will move into a new role focused on business development.

Mr. Durn has a strong background in the semiconductor industry, having served as CFO of NXP Semiconductors and previously as Senior Vice President of Finance and CFO of Freescale Semiconductor. He also held a CFO role at GlobalFoundries.

Mr. Durn's compensation includes an annual base salary of $600,000, eligibility for a bonus plan (target 110% of base salary starting FY2018), a special bonus of $250,000, a $500,000 sign-on bonus, and equity awards (RSUs and PSUs) valued at approximately $5,500,000.