8-KLeadership Changes

APPLIED MATERIALS INC /DE 8-K Report, Executive Changes (Sep 6, 2022)

Filed September 6, 2022For Securities:AMAT

Summary

Applied Materials, Inc. (AMAT) announced a significant change in its principal accounting officer role through an 8-K filing on September 6, 2022. Charles Read, who has held the position of Corporate Vice President, Corporate Controller and Chief Accounting Officer since 2013, will transition to a new role as Corporate Vice President, Business Units and Operations CFO, effective September 13, 2022. This move signifies a strategic reallocation of experienced leadership within the company's finance department. Concurrently, the company has appointed Jeff Bodner as the new Corporate Vice President, Corporate Controller and Chief Accounting Officer, also effective September 13, 2022. Mr. Bodner brings a wealth of experience from his previous roles, including Chief Accounting Officer at ESS Tech, Inc., and extensive finance leadership positions at Intel Corporation and PwC. His appointment is accompanied by a competitive compensation package, including base salary, bonus eligibility, a sign-on bonus, and a substantial restricted stock unit award, underscoring the company's investment in retaining and attracting key financial talent.

Key Highlights

  • 1Change in Chief Accounting Officer: Charles Read transitions to a new role, stepping down as Principal Accounting Officer.
  • 2New Chief Accounting Officer Appointed: Jeff Bodner, with prior experience at ESS Tech and Intel, named new Corporate Vice President, Corporate Controller and Chief Accounting Officer.
  • 3Effective Date: Both leadership changes are effective September 13, 2022.
  • 4Mr. Bodner's Compensation: Annual base salary of $375,000, 70% target bonus potential, $150,000 sign-on bonus, and $750,000 restricted stock unit award.
  • 5Long-Term Incentive: Mr. Bodner is eligible for additional long-term incentive awards commensurate with other Corporate Vice Presidents.
  • 6Background of Mr. Bodner: Extensive experience in accounting and finance leadership roles at ESS Tech, Intel, and PwC.

Frequently Asked Questions

Charles Read is moving to a new position as Corporate Vice President, Business Units and Operations CFO, effective September 13, 2022. The filing does not specify the exact reasons for this transition but indicates it is a new role within the company.

Jeff Bodner has significant experience. He served as Chief Accounting Officer and Vice President, Accounting at ESS Tech, Inc. Prior to that, he held finance leadership roles at Intel Corporation for nearly 17 years, including Vice President of Finance and Director of Internal Audit, and spent nearly 12 years at PwC in its assurance practice.

Mr. Bodner will receive an annual base salary of $375,000, is eligible for a target bonus of 70% of his base salary starting fiscal year 2023, a $150,000 sign-on bonus (paid in two installments), and a restricted stock unit award valued at $750,000, vesting over four years. He is also eligible for future long-term incentive awards.

No, the filing states there are no arrangements or understandings regarding Mr. Bodner's appointment, no family relationships with any director or executive officer, and no related person transactions with the company.