Summary
This 8-K filing from Applied Materials, Inc. (AMAT) announces a significant change in its executive leadership. Daniel J. Durn, the company's Senior Vice President and Chief Financial Officer, has resigned to accept a position as CFO at Adobe Inc. Mr. Durn will remain with Applied Materials through October 15, 2021, to ensure a seamless transition of responsibilities. In response to this departure, Robert J. Halliday, former CFO of Applied Materials from 2013 to 2017 and a senior advisor since 2017, has been appointed as the interim CFO. The company is initiating a search for a permanent CFO. Mr. Halliday's interim role comes with specific compensation arrangements, including a base salary, bonus eligibility, and a significant retention bonus tied to the completion of his interim service or specific termination conditions.
Key Highlights
- 1CFO Daniel J. Durn is departing to become CFO of Adobe Inc.
- 2Mr. Durn will provide transition support until October 15, 2021.
- 3Robert J. Halliday appointed as interim CFO.
- 4Mr. Halliday previously served as CFO from 2013-2017 and as a senior advisor since 2017.
- 5A search for a permanent CFO is underway.
- 6Interim CFO Robert J. Halliday has a $710,000 base salary and bonus plan eligibility.
- 7Mr. Halliday is eligible for a $2,000,000 cash bonus upon completion of his interim service or if employment is terminated by the Company without cause, or due to death or disability.