8-KLeadership Changes

INTEL CORP 8-K Report, Executive Changes (Nov 21, 2017)

Filed November 21, 2017For Securities:INTC

Summary

Intel Corporation (INTC) filed an 8-K on November 20, 2017, to announce a key executive change within its accounting department. Effective immediately on November 15, 2017, Kevin T. McBride was appointed as Intel's principal accounting officer. This appointment reflects a promotion for Mr. McBride, who has a long tenure with Intel since 2000 and holds extensive experience in finance and accounting roles, including prior experience at KPMG and a fellowship at the Financial Accounting Standards Board (FASB). The company also detailed the compensation package associated with Mr. McBride's new role. His salary was increased to $320,000 annually, and he will receive a target annual incentive of $316,800 under the Annual Performance Bonus program. Furthermore, Mr. McBride is set to receive equity awards in Q1 2018 valued at approximately $418,900, comprising performance-based and time-based restricted stock units. This appointment and compensation adjustment are standard for such a significant role and indicate the company's continued investment in experienced financial leadership.

Key Highlights

  • 1Kevin T. McBride appointed as Intel's Principal Accounting Officer, effective November 15, 2017.
  • 2Mr. McBride possesses extensive experience with Intel since 2000, including various senior accounting and finance positions.
  • 3His background includes previous work at KPMG and a fellowship at the Financial Accounting Standards Board (FASB).
  • 4Annual salary for Mr. McBride increased to $320,000.
  • 5Target annual incentive bonus set at $316,800 under the Annual Performance Bonus program.
  • 6Equity awards with a target grant date value of approximately $418,900 to be issued in Q1 2018.
  • 7Equity awards will consist of 60% performance-based RSUs and 40% time-based RSUs.

Frequently Asked Questions

Kevin T. McBride has been appointed as Intel's Principal Accounting Officer, effective November 15, 2017.

Mr. McBride joined Intel in 2000 and has held numerous finance and accounting roles, including Corporate Controller. He has also worked at KPMG and was a fellow at the Financial Accounting Standards Board (FASB), bringing significant expertise to the role.

Mr. McBride's salary has been increased to $320,000. He is eligible for a target annual incentive bonus of $316,800 and will receive equity awards valued at approximately $418,900 in Q1 2018, composed of performance-based and time-based restricted stock units.

No, the filing explicitly states that Mr. McBride is not a party to any transaction with any related person required to be disclosed pursuant to Item 404(a) of Regulation S-K.