8-KLeadership Changes

Broadcom Inc. 8-K Report, Executive Changes (Jan 13, 2020)

Filed January 13, 2020For Securities:AVGO

Summary

Broadcom Inc. announced a significant addition to its Board of Directors with the appointment of Raul J. Fernandez, effective January 10, 2020. Mr. Fernandez brings a wealth of experience, particularly in technology and software, having founded and led multiple companies including Proxicom, Inc. and ObjectVideo, Inc. His background also includes significant roles in sports and entertainment with Monumental Sports & Entertainment, and advisory positions with growth and private equity firms. Investors will find Mr. Fernandez's appointment noteworthy due to his extensive operating experience, history as a public company director (currently serving on GameStop's board and formerly on Kate Spade & Co.'s), and his past advisory role on President George W. Bush's Council of Advisors on Science and Technology. His qualifications suggest a valuable perspective for Broadcom's strategic direction and governance. Mr. Fernandez will receive standard compensation for independent directors, including an initial restricted share unit award.

Key Highlights

  • 1Broadcom Inc. appointed Raul J. Fernandez as an independent director to its Board of Directors, effective January 10, 2020.
  • 2Mr. Fernandez has a strong background in technology, including founding and serving as CEO of ObjectVideo, Inc. and Proxicom, Inc.
  • 3His experience extends to sports and entertainment as Vice Chairman of Monumental Sports & Entertainment.
  • 4He holds advisory roles with growth and private equity firms, General Atlantic Partners and Carrick Capital Partners.
  • 5Mr. Fernandez currently serves on the board of GameStop Corp. and has prior public company board experience with Kate Spade & Co.
  • 6His appointment is expected to leverage his extensive operating and executive leadership experience in technology and software sectors.
  • 7Mr. Fernandez will be compensated according to Broadcom's standard non-employee director arrangements, including an initial restricted share unit award.

Frequently Asked Questions

Raul J. Fernandez is a new independent director appointed to Broadcom's Board of Directors. He has a distinguished career in technology and software, having founded and led companies like Proxicom, Inc. and ObjectVideo, Inc. He also holds significant roles in sports and entertainment with Monumental Sports & Entertainment and has advisory experience with private equity and growth equity firms. His background also includes public company board service and an advisory role on President George W. Bush's Council of Advisors on Science and Technology.

Mr. Fernandez's appointment brings a wealth of experience in technology operations, executive leadership, and corporate governance. His history as a founder and CEO of technology companies, coupled with his current and past roles on public company boards, is expected to provide valuable insights and strategic guidance to Broadcom's Board. Investors may view this as a strengthening of the board's expertise, particularly in areas relevant to Broadcom's business.

Mr. Fernandez will participate in Broadcom's standard compensation program for non-employee directors. This includes an initial grant of restricted stock units (RSUs) valued at approximately $36,500 upon his appointment, which vests over time, and he will be eligible for the same annual cash and equity compensation as other non-employee directors. Details of this program are available in Broadcom's 2019 Proxy Statement.