Summary
NVIDIA Corporation (NVDA) filed an 8-K on February 27, 2009, to announce a significant change in its executive leadership. Effective immediately, David L. White has been appointed as the new Executive Vice President and Chief Financial Officer (CFO), succeeding Marvin D. Burkett, who is retiring. Mr. White brings extensive financial experience from his previous roles at Sanmina-SCI Corporation, Asyst Technologies, Inc., and Candescent Technologies Corporation, including serving as CFO at these companies. This appointment is crucial for investors as it signals a transition in financial stewardship at a key executive level. The filing details Mr. White's compensation package, which includes a base salary of $425,000, eligibility for annual incentives with a target of $385,000 for fiscal year 2010, a $200,000 signing bonus, and an option to purchase 450,000 shares of NVIDIA common stock, vesting over four years. These terms are important for understanding the company's investment in its new CFO and the potential dilution from stock options.
Key Highlights
- 1Appointment of David L. White as Executive Vice President and Chief Financial Officer, effective February 27, 2009.
- 2David L. White replaces Marvin D. Burkett, who is retiring but will continue as a senior advisor for transition.
- 3Mr. White's prior experience includes CFO roles at Sanmina-SCI Corporation, Asyst Technologies, Inc., and leadership at Candescent Technologies Corporation.
- 4Annual base salary for Mr. White is set at $425,000.
- 5Mr. White is eligible for annual incentive compensation with a target of $385,000 for fiscal year 2010, prorated from his start date.
- 6A signing bonus of $200,000 will be paid in quarterly installments.
- 7Mr. White will receive an option to purchase up to 450,000 shares of NVIDIA common stock, vesting over four years.