Broadcom Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Broadcom Inc. on January 9, 2019, reporting events that occurred on January 8, 2019. The filing addresses changes to the composition of the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and director compensation.
Material Changes
- New Director Appointment: Harry L. You was appointed as an independent director and member of the Audit Committee, effective January 8, 2019. Mr. You brings extensive experience in mergers and acquisitions and financial management from previous roles at EMC Corporation, Oracle Corporation, Accenture Ltd., and Morgan Stanley.
- Director Retirement: Lewis C. Eggebrecht resigned from the Board of Directors upon reaching the age of 75. His resignation is effective as of the date of the Company's 2019 annual meeting of stockholders. The Board accepted the resignation, noting it is not due to any disagreement. Mr. Eggebrecht will continue to serve on the Compensation Committee until his departure.
Compensation and Governance Details
Mr. You received an initial restricted share unit award valued at $55,000 on his first date of service. This award vests in full on the earlier of the first anniversary of the grant date or the date of the Company's annual meeting of stockholders immediately following the grant date. He is also entitled to the standard annual cash and equity compensation for non-employee directors.
Investor Verification Checklist
- Verify the exact date of the 2019 annual meeting of stockholders to determine the vesting date for Mr. You's restricted share units.
- Confirm the final composition of the Audit Committee and Compensation Committee following Mr. Eggebrecht's departure.
- Review the Company's December 6, 2018 Form 8-K for detailed terms of the non-employee director compensation program referenced in this filing.