8-KLeadership ChangesRegulation FDExhibits & Filings

INTEL CORP 8-K Report, Executive Changes (Jun 23, 2014)

Filed June 23, 2014For Securities:INTC

Summary

Intel Corporation (INTC) filed an 8-K on June 23, 2014, to report a significant addition to its Board of Directors. Aneel Bhusri was elected to the Board, effective June 20, 2014. Mr. Bhusri brings a wealth of experience from his co-founding role at Workday, Inc., where he served as CEO, and his position as a partner at Greylock Partners, a prominent venture capital firm. This appointment is noteworthy for investors as it signals a potential infusion of strategic insight and a connection to the technology and venture capital ecosystem. The filing also details Mr. Bhusri's compensation as a non-employee director, which includes an annual retainer and equity grants in the form of Outperformance Restricted Stock Units (OSUs) and Restricted Stock Units (RSUs). The equity awards, valued at approximately $220,000, vest over three years, aligning his incentives with the long-term performance of the company. The standard director indemnification agreement was also put in place.

Key Highlights

  • 1Aneel Bhusri elected to Intel's Board of Directors, effective June 20, 2014.
  • 2Mr. Bhusri is a co-founder and CEO of Workday, Inc.
  • 3Mr. Bhusri is a partner at Greylock Partners, a venture capital firm.
  • 4No Board Committee appointments for Mr. Bhusri at this time.
  • 5Mr. Bhusri to receive standard non-employee director compensation.
  • 6Includes an annual retainer of $90,000 starting July 2014.
  • 7Receives equity grants (OSUs and RSUs) valued at approximately $220,000, vesting over three years.

Frequently Asked Questions

Aneel Bhusri is a prominent figure in the tech industry, co-founding Workday, Inc. and serving as its CEO. He is also a partner at Greylock Partners, a venture capital firm. His appointment is significant for Intel investors as it brings valuable experience in software, enterprise solutions, and venture capital, potentially offering strategic guidance and new perspectives to the company's board.

Mr. Bhusri will receive the standard compensation for non-employee directors. This includes an annual retainer of $90,000 starting in July 2014, and equity awards comprising Outperformance Restricted Stock Units (OSUs) and Restricted Stock Units (RSUs) with a market value of approximately $220,000 on the grant date. The equity is subject to vesting over three years, contingent on continued service.

While the 8-K filing itself does not explicitly state a change in strategic direction, the addition of a director with Mr. Bhusri's background in software (Workday) and venture capital (Greylock Partners) could indicate a potential focus on software integration, strategic investments, or exploring new market opportunities. Investors will likely look for future communications from Intel to understand the full implications of his expertise on the board's deliberations.