8-KLeadership Changes

ENTEGRIS INC 8-K Report, Executive Changes (Apr 2, 2007)

Filed April 2, 2007For Securities:ENTG

Summary

Entegris, Inc. (ENTG) announced a significant change in its senior financial leadership via a Form 8-K filing on April 2, 2007. The report details the resignation of John D. Villas as Senior Vice President, Chief Financial Officer, Treasurer, and principal accounting officer, effective March 31, 2007. This marks an immediate departure from his key financial roles within the company and its subsidiaries. Concurrently, the company has appointed Gregory B. Graves to fill these critical positions, effective April 1, 2007. Mr. Graves brings extensive experience to the CFO role, having previously served as Senior Vice President, Strategic Planning & Business Development since the 2005 merger with Mykrolis Corporation. His background includes significant time in investment banking and corporate development, as well as prior finance leadership roles within Entegris. Investors will likely focus on Mr. Graves's ability to transition into the CFO role and contribute to the company's financial strategy and performance.

Key Highlights

  • 1Resignation of John D. Villas from his positions as SVP, CFO, Treasurer, and principal accounting officer, effective March 31, 2007.
  • 2Appointment of Gregory B. Graves as the new SVP, CFO, Treasurer, and principal accounting officer, effective April 1, 2007.
  • 3Mr. Graves has a strong background in strategic planning, business development, and finance, including prior experience within Entegris.
  • 4Mr. Graves's compensation package includes an annual base salary of $275,000.
  • 5Eligibility for Mr. Graves in the Entegris Incentive Plan with a target payout of 75% of base salary.
  • 6Mr. Graves has existing Change in Control and Indemnity Agreements with the company.
  • 7Details of a recent equity award to Mr. Graves, including 8,000 restricted shares and 32,000 performance shares tied to financial metrics.

Frequently Asked Questions

The 8-K filing states that John D. Villas resigned from his positions, but it does not provide a specific reason for his departure.

Mr. Graves will receive an annual base salary of $275,000 and is eligible for the Entegris Incentive Plan with a target payout of 75% of his base salary. He also has existing Change in Control and Indemnity Agreements.

The 32,000 performance shares are contingent on the company meeting specific financial performance targets related to average return on invested capital over three years, 2007 relative revenue growth compared to peers, and 2007 relative growth in earnings per share compared to peers.

Yes, Mr. Graves has served as Senior Vice President, Strategic Planning & Business Development for Entegris since August 2005. He also held positions as Chief Business Development Officer and Senior Vice President of Finance for Entegris Minnesota prior to the merger, and has a background in investment banking and corporate development.