01—Abstract
Summary
Summary of the 8-K filed February 29, 2024. Cited figures are marked; the original filing is the authoritative source.
Applied Materials, Inc. (AMAT) announced the appointment of Adam Sanders as its new Corporate Controller and Chief Accounting Officer, effective March 4, 2024.
Mr. Sanders, who has been with Applied Materials since 1999, brings extensive experience within the company, most recently serving as the Semiconductor Segment Group CFO. This appointment fills the principal accounting officer role, which had been temporarily held by Charles Read since December 2023. The compensation package for Mr. Sanders includes an annual base salary of $340,000,a eligibility for a 50% target bonus in fiscal year 2024, and a restricted stock unit award valued at $400,000.
The stock award is subject to a tiered vesting schedule starting in April 2025, contingent upon continued employment. Mr. Sanders' background and compensation structure appear aligned with executive roles within the company, with no apparent related party transactions or undisclosed arrangements.
02—Key points
Key Highlights
- Adam Sanders appointed as Corporate Controller and Chief Accounting Officer, effective March 4, 2024.
- Mr. Sanders succeeds Charles Read, who served as interim principal accounting officer.
- Sanders has a long tenure with Applied Materials, joining in 1999 and holding various finance leadership roles, including Semiconductor Segment Group CFO.
- Annual base salary for Mr. Sanders will be $340,000.
- Eligible for a target bonus of 50% of his base salary for fiscal year 2024.
- Granted a $400,000 restricted stock unit award with a tiered vesting schedule commencing April 1, 2025.
- No disclosed related party transactions or undisclosed arrangements concerning Mr. Sanders' appointment.
03—Questions
Frequently Asked Questions
Who has been appointed as the new Chief Accounting Officer at Applied Materials?
Adam Sanders has been appointed as the new Corporate Controller and Chief Accounting Officer, effective March 4, 2024.
What is Adam Sanders' compensation package?
Mr. Sanders will receive an annual base salary of $340,000, is eligible for a target bonus of 50% of his base salary for fiscal year 2024, and has been granted restricted stock units valued at $400,000 with a vesting schedule starting April 1, 2025.
Does Adam Sanders have prior experience at Applied Materials?
Yes, Adam Sanders has been with Applied Materials since 1999 and has held several finance positions, including Global Accounting Controller and most recently, Semiconductor Segment Group CFO.
Are there any concerns regarding related party transactions or undisclosed arrangements with the new Chief Accounting Officer?
The filing states that there are no arrangements or understandings, family relationships with directors or officers, or related person transactions as defined by Regulation S-K that would be of concern regarding Mr. Sanders' appointment.
04—Continue