8-KLeadership Changes

MICRON TECHNOLOGY INC 8-K Report, Executive Changes (Mar 26, 2008)

Filed March 26, 2008For Securities:MU

Summary

Micron Technology, Inc. (MU) has announced a significant change in its financial leadership with the appointment of Ronald C. Foster as its new Chief Financial Officer (CFO) and Vice President of Finance, effective April 1, 2008. Mr. Foster brings extensive experience from previous CFO roles at FormFactor, Inc. and JDS Uniphase, and also has prior board experience with Micron itself. This appointment is a key development for the company's financial strategy and oversight moving forward. While the specific terms of Mr. Foster's severance agreement are still being finalized and will be disclosed in an amendment, it is confirmed he will participate in the company's standard equity and executive incentive plans, aligning his compensation with the performance and success of Micron. Investors should monitor the upcoming filing for details on his severance package, but the immediate focus is on the strategic implications of bringing in a seasoned executive to lead the finance function.

Key Highlights

  • 1Appointment of Ronald C. Foster as Chief Financial Officer (CFO) and Vice President of Finance, effective April 1, 2008.
  • 2Mr. Foster has prior CFO experience at FormFactor, Inc. (March 2005 - March 2008) and JDS Uniphase (February 2003 - March 2005).
  • 3Mr. Foster previously served on the Micron Board of Directors from June 2004 to April 2005.
  • 4Mr. Foster's severance agreement terms are not yet finalized and will be disclosed in a future filing amendment.
  • 5Mr. Foster will participate in Micron's equity plans and Executive Officer Performance Incentive Plan (EIP).
  • 6A press release regarding Mr. Foster's appointment is included as Exhibit 99.1.

Frequently Asked Questions

Ronald C. Foster has been appointed as the new Chief Financial Officer (CFO) and Vice President of Finance, effective April 1, 2008.

Mr. Foster has served as CFO for FormFactor, Inc. and JDS Uniphase. He also has prior experience as a member of the Micron Board of Directors from June 2004 to April 2005.

No, the specific terms of Mr. Foster's severance agreement have not yet been finalized. The company will file an amendment to this 8-K report with the details once they are concluded.

Mr. Foster will participate in the company's standard equity plans for employees and will be part of the Executive Officer Performance Incentive Plan (EIP), similar to other officers. Specific details of his compensation packages are typically outlined in the company's proxy statements and periodic SEC filings.