Business Context and Reporting Period
This Form 8-K Current Report from Applied Materials, Inc. (AMAT) covers events occurring on September 28, 2021, and October 1, 2021. The filing primarily addresses significant changes in executive leadership within the finance department.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensation arrangements rather than operational financial performance.
Material Changes
- Departure of CFO: Daniel J. Durn, Senior Vice President and Chief Financial Officer, notified the company on September 28, 2021, that he will leave to become CFO at Adobe Inc. He will remain through October 15, 2021, to support the transition.
- Appointment of Interim CFO: Robert J. Halliday, age 67, was appointed Interim CFO effective immediately. Mr. Halliday previously served as CFO from February 2013 to August 2017 and has been a senior advisor since September 2017.
Guidance, Outlook, and Compensation Details
The filing outlines specific compensatory arrangements for the new Interim CFO, Robert J. Halliday:
- Base Salary: $710,000 annually.
- Bonus Eligibility: Eligible for the Senior Executive Bonus Plan with a target of 135% of base salary, prorated for interim service.
- Completion Bonus: A cash bonus of $2,000,000 is payable if Mr. Halliday remains Interim CFO until a permanent successor commences service, or if his employment is terminated without cause, or due to death or disability prior to that date.
The filing references a press release issued on October 1, 2021, regarding these events but does not contain forward-looking guidance or risk factors specific to the company's business outlook.
Investor Verification Checklist
- Verify the timeline for the search and appointment of a permanent CFO to assess leadership stability.
- Review the October 1, 2021, press release (Exhibit 99.1) for additional context on the transition plan.
- Monitor upcoming quarterly earnings calls for management commentary on how the CFO transition impacts financial reporting or strategic execution.