Business Context and Reporting Period
This Form 8-K Current Report was filed by Applied Materials, Inc. on September 6, 2022. The filing discloses changes in the Company's senior financial leadership, specifically the appointment of a new Chief Accounting Officer and the reassignment of the incumbent.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
- Leadership Transition: Charles Read, who served as Corporate Vice President, Corporate Controller, and Chief Accounting Officer since 2013, was appointed to a new role as Corporate Vice President, Business Units and Operations CFO, effective September 13, 2022.
- New Appointment: Jeff Bodner was appointed as the new Corporate Vice President, Corporate Controller, and Chief Accounting Officer, effective September 13, 2022.
- Background: Mr. Bodner previously served as Chief Accounting Officer at ESS Tech, Inc. (since July 2021) and held various finance leadership roles at Intel Corporation and PwC.
Compensation and Outlook
The filing details the compensatory arrangements for the newly appointed Chief Accounting Officer, Jeff Bodner:
- Base Salary: $375,000 annually.
- Target Bonus: 70% of base salary, beginning with fiscal year 2023.
- Sign-on Bonus: $150,000 total ($75,000 paid upon commencement; $75,000 paid after 12 months of employment).
- Long-Term Incentive: Restricted stock units (RSUs) valued at $750,000, vesting in four equal installments on October 1 of 2023, 2024, 2025, and 2026.
- Additional Benefits: Eligibility for regular annual equity grants commensurate with other Corporate Vice Presidents, relocation benefits, and standard employee benefit plans.
The filing states there are no family relationships between Mr. Bodner and any director or executive officer, and no related person transactions have occurred.
Investor Verification Checklist
- Verify the effective date of the leadership transition (September 13, 2022) for internal governance records.
- Confirm the vesting schedule and valuation methodology for the $750,000 RSU grant based on the closing stock price on the commencement date.
- Review future 10-K or 10-Q filings to assess the impact of the new CFO on financial reporting consistency.
- Note that this filing contains no operational or financial performance updates; refer to the most recent quarterly report for those metrics.