8-KOther Events

MICRON TECHNOLOGY INC 8-K Report, Corporate Update (Feb 9, 2012)

Filed February 9, 2012For Securities:MU

Summary

Micron Technology Inc. filed an 8-K on February 8, 2012, reporting significant leadership changes following the unexpected death of its Chairman and CEO, Steven R. Appleton, on February 3, 2012. The immediate and most crucial update for investors is the appointment of D. Mark Durcan as the new Chief Executive Officer, effective February 4, 2012. Mr. Durcan, previously the Chief Operating Officer and President, brings extensive experience to the role, having been with Micron since 1984 and holding various senior positions including Chief Technology Officer. His familiarity with the company's operations and strategic direction is expected to provide stability during this transition. In addition to Mr. Durcan's CEO appointment, the Board also appointed Mark W. Adams as President and Robert E. Switz as Chairman of the Board. Mr. Adams, formerly Vice President of Worldwide Sales, and Mr. Switz, a board member since 2006, are expected to support Mr. Durcan and the executive team. This rapid succession plan aims to ensure continuity and maintain operational momentum for Micron Technology.

Key Highlights

  • 1D. Mark Durcan appointed CEO on February 4, 2012, following the passing of Steven R. Appleton.
  • 2Mark W. Adams appointed President of the Company.
  • 3Robert E. Switz named Chairman of the Board.
  • 4D. Mark Durcan has a long tenure with Micron, joining in 1984 and previously serving as COO, President, and CTO.
  • 5Mark W. Adams brings sales and previous Lexar Media executive experience.
  • 6The leadership changes were effective immediately and announced through press releases attached as exhibits.
  • 7The company is addressing leadership transition proactively after the death of its former CEO.

Frequently Asked Questions

This 8-K filing is primarily to report the significant leadership changes at Micron Technology, Inc. due to the death of its Chairman and CEO, Steven R. Appleton, and to announce the appointments of his successors.

D. Mark Durcan has been appointed as the new Chief Executive Officer. He has a long history with Micron, having joined in 1984, and previously held positions such as Chief Operating Officer, President, and Chief Technology Officer, providing extensive operational and technical expertise.

Mark W. Adams was appointed President, and Robert E. Switz was named Chairman of the Board. Mr. Switz has been a member of the Board since 2006.

The immediate appointment of experienced internal leaders like D. Mark Durcan and Mark W. Adams is intended to ensure business continuity and minimize disruption. Their deep knowledge of Micron's operations and strategy should provide stability during this period of transition.