Summary
KLA-Tencor Corporation (KLAC) announced via an 8-K filing dated May 9, 2007, significant changes to its Board of Directors with the appointment of two new independent directors: Kevin J. Kennedy and John Trevor Dickson. Both appointees bring substantial executive and leadership experience from prominent technology and telecommunications companies, which is expected to strengthen the board's expertise in strategic management and industry insight. These appointments are accompanied by details regarding their compensation arrangements as non-employee directors. The compensation structure includes annual stock options, restricted stock units, annual fees, and meeting fees, designed to align director interests with shareholder value. The filing also incorporates by reference a press release detailing these appointments and their backgrounds.
Key Highlights
- 1Appointment of Kevin J. Kennedy as a new independent director to the Board.
- 2Appointment of John Trevor Dickson as a new independent director to the Board.
- 3Kevin J. Kennedy brings extensive experience as CEO of JDS Uniphase and prior roles at Cisco Systems.
- 4John Trevor Dickson has a strong background as CEO of Agere Systems and executive roles at AT&T/Lucent Technologies.
- 5New directors will receive equity compensation through stock options and restricted stock units under existing shareholder-approved plans.
- 6Annual compensation for new directors includes a $40,000 fee, $2,500 per in-person Board meeting, and $1,250 per telephonic meeting.
- 7A press release detailing these appointments is incorporated as an exhibit to the filing.