UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 28, 2021, Daniel J. Durn, Applied Materials, Inc.’s (“Applied” or the “Company”) Senior Vice President, Chief Financial Officer, notified the Company he will be leaving Applied to become the CFO at Adobe Inc. Mr. Durn will remain with the Company to support a smooth transition through October 15, 2021.
Effective immediately, Robert J. Halliday, age 67, will serve as Applied’s interim CFO while the Company conducts a search for Mr. Durn’s successor. Mr. Halliday was Applied’s CFO from February 2013 to August 2017, and has been a senior advisor to the Company in areas such as business development and government affairs since September 2017.
In connection with his appointment as interim CFO, Mr. Halliday will receive an annual base salary of $710,000 and will be eligible to participate in the Company’s Senior Executive Bonus Plan with a target bonus of 135% of his base salary, prorated for his service as interim CFO. In addition, Mr. Halliday will receive a cash bonus of $2,000,000 if he remains the Company’s interim CFO through the date on which a permanent CFO commences his or her service with the Company (the “Completion Date”) or if Mr. Halliday’s employment is terminated by the Company without cause or as a result of his death or disability prior to the Completion Date.
Item 7.01 Regulation FD Disclosure.
On October 1, 2021, Applied issued a press release regarding the events described in Item 5.02. A copy of the press release is furnished as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press Release issued by Applied Materials, Inc. dated October 1, 2021 | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Applied Materials, Inc. (Registrant) | ||||||
| Dated: October 1, 2021 | ||||||
| By: | /s/ Teri A. Little | |||||
| Teri A. Little | ||||||
| Senior Vice President, Chief Legal Officer and Corporate Secretary | ||||||
Exhibit 99.1
Applied Materials Announces Executive Change
Bob Halliday Appointed Interim CFO
SANTA CLARA, Calif., Oct. 1, 2021 – Applied Materials, Inc. today announced that Dan Durn, Senior Vice President and Chief Financial Officer (CFO), is departing the company on Oct. 15 to become the CFO at Adobe Inc.
Former Applied Materials CFO Bob Halliday has been appointed interim CFO and is serving in the role until a successor is in place.
“Over the past four years, Dan has made substantial contributions to Applied as we have delivered strong, profitable growth,” said Gary Dickerson, President and CEO of Applied Materials. “We wish Dan every success for the future.”
“I’m proud of the excellent financial results and shareholder returns we’ve delivered,” said Dan Durn. “It has been an honor to lead the outstanding finance team at Applied.”
Applied’s guidance for the fourth quarter of fiscal 2021 is unchanged.
Forward-Looking Statements
This press release contains forward-looking statements, including those about our business and financial outlook for the fourth quarter of fiscal 2021. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products, our ability to meet customer demand, and our suppliers’ ability to meet our demand requirements; transportation interruptions and logistics constraints; global economic and industry conditions; the effects of regional or global health epidemics, including the severity and duration of the ongoing COVID-19 pandemic; global trade issues and changes in trade and export license policies; consumer demand for electronic products; the demand for semiconductors; customers’ technology and capacity requirements; changes in income tax laws; our ability to expand our current markets, increase market share and develop new markets; market acceptance of existing and newly developed products; the variability of operating expenses and results among products and segments, and our ability to accurately forecast future results, market conditions, customer requirements and business needs; and other risks and uncertainties described in our SEC filings, including our recent Forms 10-Q and 8-K. All forward-looking statements are based on management’s current estimates, projections and assumptions, and we assume no obligation to update them.
About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.
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Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Michael Sullivan (financial community) 408.986.7977