8-KLeadership Changes

COHERENT CORP. 8-K Report, Executive Changes (Apr 16, 2015)

Filed April 16, 2015For Securities:COHR

Summary

II-VI Incorporated (now Coherent Corp.) announced on April 15, 2015, the appointment of William Schromm to its Board of Directors. Mr. Schromm brings extensive experience in operations, marketing, engineering management, and specifically within the semiconductor industry, having held significant leadership roles at ON Semiconductor Corporation for 16 years and previously at Motorola. His appointment is effective immediately and he will serve as a Class Three Director, with his term expiring at the 2017 annual shareholders' meeting. The company has confirmed Mr. Schromm qualifies as an independent director under NASDAQ listing standards. Mr. Schromm's appointment is expected to enhance the Board's expertise, particularly in operational and strategic areas relevant to II-VI's business. In line with the company's standard practices for non-employee directors, he will receive pro-rated cash compensation for the remainder of 2015 and standard director compensation, including cash retainer, restricted stock, stock options, and expense reimbursement, for fiscal year 2016. The filing also confirms that there are no undisclosed related-party transactions or special arrangements concerning Mr. Schromm's appointment.

Key Highlights

  • 1William Schromm appointed to the Board of Directors, effective April 15, 2015.
  • 2Mr. Schromm to serve as a Class Three Director, with term expiring at the 2017 annual meeting.
  • 3Significant industry experience: over 34 years in operations, marketing, engineering, and semiconductor sector.
  • 4Mr. Schromm's background includes 16 years at ON Semiconductor Corporation in executive roles (COO, EVP).
  • 5Prior experience includes 19 years at Motorola in various management and technical positions.
  • 6Mr. Schromm is considered an independent director per NASDAQ listing standards.
  • 7Standard director compensation will be provided, including cash, stock, and options, on a pro-rated basis for 2015 and full year for 2016.

Frequently Asked Questions

William Schromm is a newly appointed member of the II-VI Incorporated Board of Directors. He has over 34 years of experience in operations, marketing, and engineering management, with a significant focus on the semiconductor industry. Previously, he held executive positions at ON Semiconductor Corporation for 16 years, including Executive Vice President and Chief Operating Officer. He also spent 19 years at Motorola in various managerial roles.

Mr. Schromm's appointment is significant as it brings a wealth of operational and strategic expertise to the Board, particularly within the semiconductor sector. His extensive leadership experience is expected to contribute valuable insights to the company's ongoing business and growth strategies.

Mr. Schromm will receive compensation consistent with II-VI Incorporated's standard arrangements for non-employee directors. This includes pro-rated cash compensation for the remainder of 2015 and, for fiscal year 2016, a cash retainer, grants of restricted stock and stock options, and reimbursement of expenses.

The filing explicitly states that there are no undisclosed arrangements or understandings between Mr. Schromm and any other person regarding his election. Furthermore, there have been no transactions since the beginning of the company's last fiscal year, nor are there any currently proposed, that require disclosure under Item 404(a) of Regulation S-K.