Business Context and Reporting Period
This Form 8-K Current Report was filed by Skyworks Solutions, Inc. on October 6, 2008. The report discloses a material corporate event regarding the departure of a senior executive officer.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change disclosed is the departure of Stanley A. Swearingen, Jr., Vice President and General Manager of Linear Products. Mr. Swearingen agreed to leave the company effective November 14, 2008, to pursue other opportunities.
Management Commentary and Contingencies
- Transition Plan: Mr. Swearingen will assist the company in a non-executive role during the transition period leading up to his departure.
- Compensation Arrangements:
- Through November 14, 2008, the company will continue to pay his current salary and provide current benefits.
- After November 14, 2008, he will receive benefits outlined in his Change of Control/Severance Agreement dated January 22, 2008 (previously filed as an exhibit to the Q1 2008 Form 10-Q).
Investor Verification Checklist
- Verify the terms of the Change of Control/Severance Agreement dated January 22, 2008, by reviewing the exhibit to the Quarterly Report on Form 10-Q for the period ended March 28, 2008.
- Confirm the appointment of a successor for the role of Vice President and General Manager, Linear Products.
- Assess the potential impact of this leadership change on the Linear Products division's strategic direction.