What are the terms of Mark P. Dentinger's Senior Advisor role?

Mr. Dentinger will serve as a Senior Advisor through December 31, 2013, receiving his current base salary of $400,000 per year, continuing benefits like medical coverage and 401(k) participation. He will remain eligible for his FY2013 bonus and continued vesting of certain RSUs, but will not be eligible for FY2014 bonuses, new long-term incentives, or executive severance benefits. He also agrees not to take other employment without company approval.

What is Bren D. Higgins' background?

Bren D. Higgins has been with KLA-Tencor since 1999, holding various finance roles including Vice President of Corporate Finance, Senior Director of Corporate Finance, and Senior Director of Financial Planning and Analysis. He currently oversees treasury and investor relations and supports business development.

Will Bren D. Higgins' compensation be disclosed?

His compensation and benefits for the CFO role are subject to approval by the Compensation Committee. If material terms are determined, the company will file an amendment to this 8-K with the details.

KLAC 8-K: Leadership Changes

Q: When will the CFO transition take place?

The transition will occur on the day after KLA-Tencor files its Annual Report on Form 10-K for the fiscal year ended June 30, 2013. Mr. Dentinger will continue as CFO until then and will then serve as Senior Advisor.

Summary

KLA-Tencor Corporation (KLAC) announced significant leadership changes in its finance department. Mark P. Dentinger, Executive Vice President and Chief Financial Officer (CFO), will resign from his principal officer role effective upon the filing of the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2013. Mr. Dentinger will transition to a Senior Advisor role through December 31, 2013, to facilitate a smooth handover. Concurrently, the Board of Directors has appointed Bren D. Higgins as the new Executive Vice President and Chief Financial Officer, also effective upon the filing of the aforementioned 10-K. Mr. Higgins has a long tenure with KLA-Tencor, holding various finance and investor relations positions since 1999, most recently overseeing treasury and investor relations. His compensation for the new role is pending approval from the Compensation Committee.

Key Highlights

1Mark P. Dentinger, CFO, is resigning from his principal financial officer role effective upon the filing of the FY2013 10-K.
2Mr. Dentinger will serve as a Senior Advisor until December 31, 2013, to ensure a smooth transition.
3Bren D. Higgins has been appointed as the new Executive Vice President and Chief Financial Officer, effective upon the filing of the FY2013 10-K.
4Mr. Higgins has extensive experience within KLA-Tencor's finance and investor relations departments since 1999.
5Mr. Dentinger's resignation is not due to any disagreements with the company.
6Mr. Higgins' compensation for his new CFO role is subject to Compensation Committee approval.

KLA CORP 8-K Report, Executive Changes (Jul 9, 2013)

Summary

Key Highlights

Frequently Asked Questions