8-KLeadership ChangesRegulation FDExhibits & Filings

APPLIED MATERIALS INC /DE 8-K Report, Executive Changes (Mar 7, 2022)

Filed March 7, 2022For Securities:AMAT

Summary

Applied Materials, Inc. (AMAT) announced a significant leadership change in its finance department via an 8-K filing on March 7, 2022. The company appointed Brice Hill as its new Senior Vice President and Chief Financial Officer, effective March 7, 2022. Mr. Hill brings extensive experience, having most recently served as CFO of Xilinx, Inc. and with a 25-year tenure in various finance roles at Intel Corporation. This appointment aims to leverage his deep financial expertise to guide the company's financial strategy and operations. The compensation package for Mr. Hill includes a substantial base salary, a target bonus of 135%, a $2 million sign-on bonus with repayment provisions, and significant long-term incentive awards in restricted stock units. These awards are designed to align his interests with the company's long-term performance and shareholder value. The company also highlighted that there are no undisclosed arrangements, family relationships, or related-person transactions concerning Mr. Hill's appointment, assuring transparency in this key executive hire.

Key Highlights

  • 1Appointment of Brice Hill as Senior Vice President, Chief Financial Officer, effective March 7, 2022.
  • 2Mr. Hill's background includes CFO role at Xilinx and 25 years at Intel Corporation in senior finance positions.
  • 3Annual base salary for Mr. Hill set at $675,000.
  • 4Eligible for a target bonus of 135% of base salary under the Senior Executive Bonus Plan.
  • 5Receives a $2,000,000 sign-on bonus, subject to repayment conditions.
  • 6Granted restricted stock units valued at $8,500,000, vesting over three years.
  • 7Further long-term incentive award of at least $4,250,000 planned for the next annual grant cycle.
  • 8No undisclosed arrangements, family relationships, or related-person transactions pertaining to Mr. Hill's appointment.

Frequently Asked Questions

Brice Hill has been appointed as the new Senior Vice President and Chief Financial Officer of Applied Materials, Inc., effective March 7, 2022. He succeeds Robert J. Halliday, who served as interim CFO and will remain with the company to ensure a smooth transition.

Mr. Hill has a strong financial background. He was most recently the Executive Vice President and Chief Financial Officer of Xilinx, Inc. Prior to that, he spent 25 years at Intel Corporation in various finance leadership roles, including Corporate Vice President and Chief Financial Officer of a major business group.

Mr. Hill's compensation includes an annual base salary of $675,000, eligibility for a target bonus of 135% of his base salary, a $2,000,000 sign-on bonus (with repayment terms), and a long-term incentive award of restricted stock units valued at $8,500,000, vesting over three years. He is also eligible for a future long-term incentive award of at least $4,250,000.

The filing explicitly states that there are no arrangements or understandings between Mr. Hill and any other persons concerning his appointment, no family relationships with any director or executive officer, and he has not engaged in any related-person transactions with the Company. This suggests a clean appointment with no apparent conflicts of interest.