Summary
This 8-K filing from QUALCOMM INC/DE (QCOM) announces a significant change in its executive leadership team. Effective March 11, 2013, William E. Keitel will retire as Executive Vice President and Chief Financial Officer (CFO). He will transition to a special advisor role to the CEO through the end of the calendar year, ensuring continuity. This transition period is crucial for a smooth handover of financial responsibilities. The company has appointed George S. Davis, formerly the CFO of Applied Materials, Inc., to succeed Mr. Keitel as the new CFO. Mr. Davis brings extensive financial experience, having served in various senior finance roles at Applied Materials since 2000. His appointment marks a key development in Qualcomm's financial management strategy, with specific compensation details and a sign-on bonus outlined.
Key Highlights
- 1William E. Keitel to retire as EVP and CFO effective March 11, 2013.
- 2Mr. Keitel will remain with the company as a special advisor to the CEO for transition support until the end of 2013.
- 3George S. Davis appointed as the new EVP and CFO, effective March 11, 2013.
- 4Mr. Davis previously served as CFO of Applied Materials, Inc.
- 5Mr. Davis will receive a base salary of $700,000, eligibility for a bonus, and a Restricted Stock Unit grant valued at $6,500,000.
- 6A sign-on bonus of $1,000,000 is provided to Mr. Davis, with a clawback provision under specific termination conditions.
- 7The company will reimburse Mr. Davis for relocation costs and temporary living expenses.