Summary
Microchip Technology Inc. (MCHP) announced a key leadership transition in its finance department via an 8-K filing on September 5, 2008. Gordon Parnell, the current Vice President and Chief Financial Officer, will retire effective December 31, 2008, after a significant tenure. This transition marks the end of an era for the company's financial leadership. Assuming the CFO role upon Mr. Parnell's retirement is J. Eric Bjornholt, who has been with Microchip since 1995. Mr. Bjornholt has steadily advanced within the company, most recently serving as Vice President of Finance and previously as Director of Financial Reporting and Tax. His extensive experience, including a background at KPMG LLP and his CPA certification, positions him well for the new responsibilities, which will also include serving as Chief Accounting Officer. Investors should note the internal promotion and the lack of any related party transactions, suggesting a smooth and straightforward succession.
Key Highlights
- 1Gordon Parnell, VP and CFO, will retire effective December 31, 2008.
- 2J. Eric Bjornholt is appointed as the new VP and CFO, effective December 31, 2008.
- 3Bjornholt has been with Microchip since 1995, holding various finance roles.
- 4Bjornholt most recently served as VP of Finance since April 2008.
- 5Bjornholt also serves as Microchip's Secretary since May 2003.
- 6Bjornholt will also assume the role of Chief Accounting Officer.
- 7There are no family relationships or related party transactions involving Mr. Bjornholt.