Summary
NVIDIA Corporation (NVDA) filed an 8-K report on March 15, 2011, primarily announcing the departure of its Chief Financial Officer (CFO), David L. White, effective March 17, 2011. Mr. White is resigning for personal reasons but will remain with the company in a consulting capacity until August 31, 2011, to ensure a smooth transition. He will continue to receive his base salary during this transition and consulting period, along with a lump sum payment and reimbursement for COBRA premiums. In connection with the CFO transition, the company also announced the appointment of Karen Burns as Interim CFO, effective around March 17, 2011. Ms. Burns has a long tenure at NVIDIA, most recently serving as Vice President, Corporate Controller and Tax since December 2010, and brings extensive experience from her previous roles within the company and at KPMG.
Key Highlights
- 1David L. White is resigning as Executive Vice President and Chief Financial Officer, effective March 17, 2011.
- 2A Transition and Consulting Agreement has been put in place with Mr. White, allowing him to remain an employee until May 31, 2011, and then serve as a consultant until August 31, 2011.
- 3Mr. White will receive his current base salary during the transition and consulting period, plus a lump sum payment of $128,333 and COBRA premium reimbursement.
- 4The company will also issue Mr. White a payment of $259,875 under the Fiscal 2011 Variable Compensation Plan.
- 5Karen Burns has been appointed as the Interim Chief Financial Officer, effective on or about March 17, 2011.
- 6Ms. Burns has a strong internal track record at NVIDIA, most recently as Vice President, Corporate Controller and Tax, and prior experience with KPMG.