8-KLeadership Changes

APPLIED MATERIALS INC /DE 8-K Report, Executive Changes (Jul 24, 2019)

Filed July 24, 2019For Securities:AMAT

Summary

Applied Materials, Inc. (AMAT) announced a significant change to its Board of Directors with the appointment of Yvonne McGill, effective July 22, 2019. Ms. McGill will also serve on the company's Audit Committee. This appointment is a key governance development for the company, bringing new expertise to the board, particularly within the critical Audit Committee function. Investors should note that this is a change in board composition rather than an operational or financial update. The compensation structure for Ms. McGill as a non-employee director has been detailed, including an annual retainer, an additional retainer for her committee work, and a stock grant, reflecting standard practices for board members. The stock grant is subject to vesting conditions tied to continued service.

Key Highlights

  • 1Yvonne McGill appointed as a new member of the Board of Directors, effective immediately.
  • 2Ms. McGill will also serve as a member of the Audit Committee.
  • 3This appointment is effective as of July 22, 2019.
  • 4Non-employee director compensation will be provided to Ms. McGill.
  • 5Compensation includes an annual retainer of $70,000 (prorated).
  • 6Additional annual retainer of $25,000 for Audit Committee service (prorated).
  • 7A restricted stock unit grant valued at $225,000 (prorated) is also part of her compensation, vesting on March 1, 2020, subject to continued service.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce the appointment of Yvonne McGill to Applied Materials' Board of Directors and the Audit Committee.

No, Yvonne McGill is appointed as a non-employee director and will receive compensation structured for board members, not as an employee.

This filing primarily concerns corporate governance. While there is compensation associated with Ms. McGill's role, the appointment itself is not expected to have a direct, immediate material financial impact on the company's operational results. The cost is related to standard director compensation.

Ms. McGill's restricted stock unit grant is scheduled to vest in full on March 1, 2020, provided she continues to serve as a director through that date.