Summary
KLA Corp (KLAC) filed an 8-K on August 6, 2015, reporting two key events. Firstly, Robert T. Bond, a long-standing director and member of the Audit and Nominating and Governance Committees, has decided not to seek re-election at the upcoming 2015 annual meeting. His departure is amicable and not due to any disagreements with management, concluding 15 years of service. Secondly, the Compensation Committee approved a salary increase for Bren D. Higgins, Executive Vice President and Chief Financial Officer. Effective August 24, 2015, Mr. Higgins' annual base salary will rise from $400,000 to $450,000. This adjustment will also increase his target annual cash bonus under the Fiscal Year 2016 Executive Incentive Plan, as bonus payouts are calculated as a percentage of base salary and are contingent upon company performance metrics for FY16.
Key Highlights
- 1Robert T. Bond will not stand for re-election to the Board of Directors at the 2015 annual meeting after 15 years of service.
- 2Mr. Bond's decision not to seek re-election is not a result of any disagreement with management.
- 3Bren D. Higgins, EVP and CFO, will receive an increase in his annual base salary.
- 4Mr. Higgins' base salary will increase from $400,000 to $450,000, effective August 24, 2015.
- 5The CFO's annual cash bonus target will increase as a direct result of the base salary raise.
- 6Bonus payouts are performance-based, tied to KLA's operating margin and strategic objectives for Fiscal Year 2016.