Summary
Teradyne, Inc. (TER) has filed an 8-K report on November 9, 2006, detailing significant changes in its Board of Directors and executive compensation. George W. Chamillard, the current Chairman of the Board and former CEO, announced his retirement effective December 31, 2006. This transition will lead to a reduction in the Board size from nine to eight members. In light of Mr. Chamillard's departure, the Board has elected Patricia S. Wolpert as the new Chair of the Board, effective January 1, 2007. Ms. Wolpert has been confirmed as an independent director. Additionally, the Board approved the form for granting restricted stock unit awards to executive officers under the company's 2006 Equity and Cash Compensation Incentive Plan, which was previously approved by shareholders.
Key Highlights
- 1George W. Chamillard, Chairman of the Board and former CEO, will retire effective December 31, 2006.
- 2Patricia S. Wolpert has been elected as the new Chair of the Board, effective January 1, 2007.
- 3Ms. Wolpert is considered an independent director according to SEC and NYSE rules.
- 4The Board of Directors size will be reduced from nine to eight members following Mr. Chamillard's retirement.
- 5The Board approved the equity award form for restricted stock unit (RSU) grants to executive officers.
- 6These RSU awards will be granted under the previously shareholder-approved 2006 Equity and Cash Compensation Incentive Plan.