PowerMoves is the business leadership information source published by TowerHunter executive search. It focuses on publicly traded technology companies headquartered in the Silicon Valley. If you have interest in private company CEO Compensation Survey data, have comments or inquiries, contact Simon Bloch at email@example.com or (650) 937-9150.
Agilent Technologies Appoints Solange Glaize as VP and CAO
The Board of Directors of Agilent Technologies appointed Solange Glaize, 47, as Vice President and Chief Accounting Officer. Prior to assuming this position, Ms. Glaize served in various capacities for Agilent, including as VP of Finance and Business Development, Sr. Director of Finance, Worldwide Order Fulfillment, Director of Sales Finance and Administration and as Managing Director, European Financial Services. Prior to joining Agilent, Ms. Glaize held a variety of positions in finance with Hewlett-Packard Company. In connection with Ms. Glaize’s appointment, the Board of Directors approved an increase in her annual base salary to $285,000. The Committee also increased Ms. Glaize’s target award percentage to 60% of annual base salary.
Altera Moves Misha Burich to Serve as SVP and CTO
Misha R. Burich no longer serves as Senior Vice President, Research and Development of Altera. Dr. Burich remains an employee of the Company and serves as Senior Vice President and Chief Technology Officer.
AMD Appoints Rajan Naik as SVP and Chief Strategy Officer
AMD announced that Rajan Naik, 40, has joined the company as senior vice president and chief strategy officer. He will report to president and chief executive officer Rory Read. Naik, who was most recently a Partner in McKinsey & Company’s Technology practice, will be responsible for AMD’s short- and long-term strategy development, including market opportunities, strategic partnerships and investment strategies. Mr. Naik spent 11 years at McKinsey & Company, where he provided counsel to various companies in the technology and telecom industries. Prior to his tenure at McKinsey, Mr. Naik worked as a senior engineer at Intel Corporation. Prior to Intel, he was a member of the technical staff at Lucent Technologies.
Apple Hires Todd Teresi as VP of iAd Business
Apple hired Todd Teresi as vice president of iAd, its mobile-advertising business. Teresi was former vice president of Adobe’s media solutions group. He only joined Adobe last year and worked at Yahoo Inc. for almost a decade.
Cadence Design Systems Appoints Martin Lund as SVP of R&D
Cadence Design Systems appointed Martin Lund to the position of senior vice president of research and development for the SoC Realization Group, a business which provides differentiated standards-based design intellectual property (IP) and services to the electronics industry. He joins Cadence from Broadcom, where he served for twelve years, most recently as senior vice president and general manager of Broadcom’s Network Switching Business. Lund succeeds Sanjay Srivastava, who moves into a new role as strategy advisor to Cadence CEO Lip-Bu Tan. Prior to Broadcom, Lund held various marketing and senior engineering management positions in the Network Systems Division of Intel Corporation and at Case Technology, a European networking equipment manufacturer acquired by Intel in 1997. Lund is an inventor on 26 issued and pending US patents.
Conceptus Appoints Lori Ciano to a Newly Created Position of EVP of HR
Ms. Lori Ciano joined Conceptus to the newly created position of Executive Vice President, Human Resources. Ms. Ciano will lead worldwide human resources function and will report to President and Chief Executive Officer, D. Keith Grossman. Previously Ms. Ciano was Senior Vice President, Human Resources for Affymetrix Inc., a gene chip company, where she directed the strategic planning and administration of the company’s 1,100-member workforce worldwide for more than four years. Prior to Affymetrix she was at Novellus Systems, Inc. for six years. Ms. Ciano also worked for Varian Associates for 20 years in a variety of customer service, marketing and business development positions.
Cypress Semiconductor Announces Badri Kothandaraman as EVP of Cypress India
Cypress Semiconductor announced the appointment of Mr. Badri Kothandaraman as Executive Vice President and Executive Director of Cypress Semiconductor India. In his new role, Kothandaraman, who has been with Cypress for over sixteen years, will be responsible for managing and growing India operations. He reports directly to Cypress President and CEO, T.J. Rodgers. Kothandaraman joined Cypress in 1995 as a Technology Development Engineer in the US. In 1998, he moved back to India to run a design team. He returned to California in 2008 as a business unit director in the Memory Products Division.
DSPG Group Approves David Dahan as COO
The Board of Directors of DSP Group approved the appointment of David Dahan as the Chief Operating Officer. Mr. Dahan, age 41, brings over 15 years of operational and development management experience. Before joining the DPSG Group, Mr. Dahan was the Chief Operating Officer at PrimeSense, Ltd., a provider of 3D sensing technology for Kinect, from 2007 to 2012. He previously held managerial positions at CEVA, Inc., a provider of DSP processor technology for the semiconductor industry, including leading the operations at CEVA as Vice President, from 2003 to 2007. Prior to CEVA, Mr. Dahan held the position of Director of VLSI from 2001 to 2003. Mr. Dahan’s annual salary is approximately $202,000. Mr. Dahan also is eligible to receive an annual bonus, the amount, if any, is determined in the sole discretion of the board of directors.
eBay Names David Marcus as President of Paypal
eBay announced that executive David Marcus has been named President of PayPal. A member of PayPal’s executive management team, Marcus, has been leading PayPal’s rapidly growing mobile payments business and has driven important mobile product innovations. Reporting to eBay Inc. President and CEO John Donahoe, Marcus succeeds Scott Thompson, who left the company.
eHealth Appoints Bill Shaughnessy as President and CEO
The Board of Directors of eHealth appointed Mr. Shaughnessy as President and Chief Operating Officer. Prior to joining eHealth, Mr. Shaughnessy, age 47, was Senior Vice President of Product Management and Product Marketing at Yahoo! Inc., from July 2010 to March 2012. From March 1994 to March 2009, Mr. Shaughnessy held various senior management positions at Microsoft Corporation, most recently as its Global Vice President of Sales, Marketing and Services in the Advertising and Publisher Solutions Group. Mr. Shaughnessy will receive an annual salary of $500,000. In addition, Mr. Shaughnessy will be eligible for an annual performance bonus of at least 60% of his base salary (pro-rated for the first partial year). Mr. Shaughnessy will receive a signing bonus of up to $225,000; provided that if Mr. Shaughnessy voluntarily terminates his employment other than for good reason or is terminated for cause within two years of his employment start date, Mr. Shaughnessy is obligated to repay the sign-on bonus to the Company.
EXAR Appoints Todd Smathers as SVP Worldwide Operations
Exar Corporation appointed Todd Smathers as Senior Vice President, Worldwide Operations. Mr. Smathers will report to Louis DiNardo, EXAR’s president and chief executive officer. Mr. Smathers has over 30 years of experience in analog and mixed-signal technology and product development. He served as Vice President of Operations at Intersil Corporation and Xicor, which was acquired by Intersil in 2004. Prior to joining Xicor, Mr. Smathers was General Manager of the Mixed Signal Business Unit at Linear Technology Corporation where he had previously served in a variety of management and executive roles since the company’s founding in 1981.
EXAR Appoints Carlos Laber as SVP of Research and Development
Exar Corporation appointed Carlos A. Laber as Senior Vice President, Worldwide Research and Development. Mr. Laber will report to Louis DiNardo, the Company’s president and chief executive officer. Mr. Laber has over 30 years of experience in analog and mixed-signal technology and product development. Most recently he served as Senior Director of product development at ON Semiconductor and led the power management design effort in Santa Clara, California. He previously served as Intersil’s Vice President of Worldwide Technology. He joined Intersil after the acquisition of Xicor, Incorporated, where he served as Vice President of Engineering. Mr. Laber came to Xicor from Micrel Semiconductor where he was the Vice President of Engineering for the Analog and RF Product group. Prior to Micrel, Mr. Laber served at Micro Linear, where he was a founder, and at National Semiconductor and Intel Corporation where he had increasingly more senior design engineering and management roles.
HP Names Bill Veghte as Chief Strategy Officer
HP announced that Bill Veghte has been appointed chief strategy officer. In addition to his new responsibilities, Veghte will continue in his current role as executive vice president of HP Software. As chief strategy officer, Veghte will be responsible for keeping HP on the cutting edge of innovation. He will work with HP’s senior business and technology leaders to help define the IT industry’s future and make certain HP continues to lead the way. In addition to helping drive strategy for the company as a whole, Veghte will lead HP’s cloud and webOS open source initiatives. Veghte joined HP in 2010. Prior to HP, he spent two decades at Microsoft in a variety of senior leadership positions.
HP Names Henry Gomez Executive VP and Chief Communications Officer
HP announced that Henry Gomez joins the company as executive vice president and chief communications officer. Gomez also will become a member of HP’s executive council, reporting to Meg Whitman, HP president and chief executive officer. In this newly expanded role, Gomez will be responsible for HP’s media and industry analyst relations, executive communications, employee communications, government affairs and global social innovation. Gomez, 48, comes to HP with 26 years of communications experience. He spent most of the last decade working at eBay, where he served in a variety of roles including senior vice president for Corporate Communications and president of Skype. Gomez played a crucial role in building eBay’s brand during the critical years following the company’s initial public offering. Prior to joining eBay, Gomez was vice president of Corporate Affairs at HBO in New York. He started his communications career at Hill and Knowlton and has worked on a wide array of public relations and marketing communications challenges in numerous industries. Most recently, Gomez ran his own consulting business, providing communications counsel to clients such as H&R Block.
HP’s James Murrin Accepts the Position of Sr. VP and GM
James T. Murrin accepted the position of Senior Vice President and General Manager of the end-user workplace and managed network services business within HP’s enterprise services business. In connection with his acceptance of that position, Mr. Murrin resigned his current position as Senior Vice President, Controller and Principal Accounting Officer.
HP Elects Marc Levine as Sr. VP, Controller and Principal Accounting Officer
The HP Board of Directors elected Marc A. Levine as Senior Vice President, Controller and Principal Accounting Officer of HP effective. Mr. Levine has served as Senior Vice President and Chief Operations Officer for HP’s enterprise services business since February 2010. Previously, he served as Vice President of Finance for HP’s former Enterprise Business from 2007 to March 2010. Prior to that, Mr. Levine held various other finance positions at HP since joining the company in 1988.
Infinera Appoints Todd Hanson as VP of Global Professional Services
Infinera announced that Todd Hanson has joined Infinera as the vice president of global professional services. Mr. Hanson brings deep experience from serving in operations executive roles with world-class cable and service provider companies. Mr. Hanson brings to Infinera experience from a customer perspective. Serving in engineering and operations, management, and executive roles at Sprint, AT&T Canada, Qwest, Frontier, and Time Warner Cable, Mr. Hanson is familiar with Infinera’s solutions and the benefits of Infinera’s industry leading technology and professional services.
Intel Appoints Brian Krzanich as COO
Brian Krzanich was appointed COO of Intel. Mr. Krzanich, age 51, joined Intel in 1982 and has served as Senior Vice President and General Manager of Manufacturing and Supply Chain since January 2010. In this role he was responsible for all aspects of Intel’s factories and manufacturing operations worldwide. He became a corporate vice president in May 2006 serving as Vice President and General Manager of Assembly and Test, where he was responsible for the implementation of the 0.13-micron logic process technology across Intel’s global factory network. As COO, Mr. Krzanich will continue to oversee manufacturing and will also be responsible for internal information technology and human resources.
Intevac Appoints Andres Brugal as EVP and GM of Intevac Photonics
Intevac announced that Andres “Drew” Brugal has joined the company as Executive Vice President and General Manager of Intevac Photonics. Mr. Brugal, with over 30 years of experience spanning both the global defense and aerospace markets and active military service, will be responsible for managing and growing the Intevac Photonics business. He joins Intevac from Vision Systems International, where he served as President and Chief Executive Officer. Previously, Mr. Brugal held senior management and consulting positions at Rockwell Collins, Finmeccanica SPA and DRS Technologies, and retired as a United States Navy Captain.
Mattson Technology Appoints Tyler Purvis as CAO and Corporate Controller
Tyler Purvis commenced employment as chief accounting officer and corporate controller. Mr. Purvis, age 38, during the last five years served as Senior Director, Worldwide Finance and Accounting; Senior Director, Finance and Treasury; and Acting Corporate Controller of Blue Coat Systems, Inc., a provider of web security and WAN optimization solutions. Prior to this, he held positions as Assistant Corporate Controller; Director of Finance; and Sales and Marketing Controller for Novellus Systems, Inc., a developer, manufacturer, seller and service provider of equipment used in the fabrication of integrated circuits. Mr. Purvis started his career at Ernst & Young, LLP, a public accounting firm, serving as an Audit Manager at the time of his departure. Mr. Purvis is a certified public accountant licensed in the State of California. Mr. Purvis will be paid an annual base salary of $230,000. Under the bonus program, he is eligible to receive an annual bonus of up to 40% of his earned base salary based on established targets and company performance.
Meru Networks Appoints Bami Bastani as President and CEO
The Board of Directors of Meru Networks appointed Bami Bastani as President and Chief Executive Officer. Bami Bastani, age 57, is currently transitioning as the Chief Executive Officer and President of Trident Microsystems, Inc., a semiconductor company, which he joined in June 2011. Prior to joining Trident, Dr. Bastani was the Chairman and Chief Executive Officer of B2 Global Consulting, LLC, a management consulting firm from August 2008 until June 2011. From 1998 to August 2008, Dr. Bastani was President and Chief Executive Officer of ANADIGICS, Inc. a semiconductor company providing RF solutions for the wireless and broadband communications equipment markets. From 1996 to 1998, Dr. Bastani was Executive Vice President of Fujitsu Microelectronics, where he led the Systems LSI Group, including ASIC System-On-Chip, Local Area Networks, SPARC processors, and RFICs. Previously, he served for more than a decade at National Semiconductor where he held several key executive positions, most recently as Vice President and General Manager of the Embedded Technologies Division. Dr. Bastani serves as a member of the board of directors of SkyCross, Inc. and a private company. Dr. Bastani will receive the following a base salary of $450,000 per year and a target bonus for 2012 of $450,000, prorated for the portion of 2012.
Meru Networks Hires Gary Abad as VP of Channel Sales
Meru Networks hired Gary Abad as vice president of channel sales. Abad was former vice president of channel sales at Kaspersky Labs and has 20 years’ experience building strategic alliances.
Network Appliance Appoints Nicholas Noviello as EVP and CFO
The Board of Directors of NetApp appointed Nicholas R. Noviello, 42, as Executive Vice President and Chief Financial Officer, to succeed Steven J. Gomo, who retired. Mr. Noviello had been Senior Vice President, Finance and Global Controller of the Company since January 2008. Before joining the Company, Mr. Noviello worked for eight years at Honeywell International Inc., including as its Vice President, Finance – Aerospace Air Transport & Regional from May 2007 to January 2008 and Vice President, Investor Relations from May 2004 to May 2007. Mr. Noviello also served in various other roles at Honeywell, including Director, Corporate Finance & Chief Financial Officer – Friction Materials and Director, Corporate Finance, Mergers & Acquisitions. Mr. Noviello will receive a compensation package of annual base salary as $450,000 and target incentive compensation award of 110%.
OmniVision Technologies Appoints Howard Rhodes as CTO
The board of directors of OmniVision Technologies appointed Dr. Howard Rhodes as the Company’s new Chief Technical Officer. As Chief Technical Officer, Dr. Rhodes will oversee our planning and development of advanced technologies. Dr. Rhodes, 63, served as the Company’s Vice President of Process Engineering since August 2005. Dr. Rhodes joined the Company in 2004 as Senior Director of Process Engineering. From 1988 to 2004, Dr. Rhodes held various positions at Micron Technology, most recently as its Director of Imaging Engineering. From 1980 to 1988, Dr. Rhodes worked at Kodak Research Labs where he was in charge of process development and process integration for high speed visible and IR sensitive CCD products.
OmniVision Technologies Appoints Henry Yang as COO
The board of directors of OmniVision Technologies appointed Dr. Henry Yang as Chief Operating Officer. Dr. Yang, 47, served as the Company’s Vice President of Engineering since February 2007. In addition, Dr. Yang has served as one of the Company’s directors since his appointment in February 2010. From February 2003 to January 2007, Dr. Yang served as the Company’s Director of Engineering. Prior to February 2003, Dr. Yang held various engineering positions since joining the Company in April 1996.
PLX Technology’s Lawrence Chisvin Transitions to VP of Strategic Initiatives
Lawrence Chisvin, who has served as Chief Operating Officer and was a named executive officer, is transitioning out of the chief operating role and into a critical position focusing on strategic growth as the Vice President of Strategic Initiatives.
Polycom Names Eric Brown as CFO and COO
Polycom announced that Eric Brown is joining the company as chief financial officer, chief operating officer, and executive vice president. In his dual roles as CFO and COO, reporting to Polycom President and CEO Andy Miller, Brown, 46, will manage all financial, operational, and IT functions at Polycom, which are being consolidated under one leader for greater efficiency and scale. Brown comes to Polycom from Electronic Arts, the world’s leading publisher of video game software, where as chief financial officer and executive vice president, he led the company successfully through rapid change. Prior to Electronic Arts, Brown was COO and CFO at McAfee, Inc. Before that, Brown was President and CFO of MicroStrategy, Inc, and also co-founded DataSage, Inc., where he also served as CFO.
Saba Appoints Elaine Kitagawa as CFO
Saba announced the appointment of Elaine Kitagawa to Chief Financial Officer. Ms. Kitagawa will assume responsibility for global finance and operations and report to Saba’s Founder and CEO, Bobby Yazdani. Ms. Kitagawa joins Saba from Gaia Interactive where she was Chief Operating Office and Chief Financial Officer. Prior to Gaia, Ms. Kitagawa served 9 years at Ariba in various executive roles including CFO of Ariba EMEA and VP of Corporate Finance and Investor Relations. Prior to Ariba, Ms. Kitagawa held various financial and operational roles at Clarify, Inc., The Dialog Corporation, and 3Com.
SGI Announces Jorge Luis Titinger as new President and CEO
SGI announced the appointment of Jorge Luis Titinger, age 50, as SGI’s president and chief executive officer. Mr. Titinger replaces Ronald D. Verdoorn, SGI’s chairman of the board, who has served as interim CEO. Mr. Titinger brings more than 25 years of relevant industry experience to his new role. Mr. Titinger served as President and Chief Executive Officer of Verigy Ltd. from January 2011 to July 2011, as President and Chief Operating Officer from July 2010 to January 2011, and as Chief Operating Officer from June 2008 to July 2010. Verigy was acquired by Advantest Corporation in July 2011, and from such time until October 2011, Mr. Titinger provided transitional services as President and Chief Executive Officer of Verigy, then a subsidiary of Advantest. Prior to Verigy, Mr. Titinger was Sr. Vice President and General Manager of Product Business Groups at Form Factor, Inc. from November 2007 to June 2008. Mr. Titinger previously held management positions at KLA-Tencor Corporation, Applied Materials, Inc. and Hewlett-Packard Company. Mr. Titinger will receive an annual base salary of $500,000 and will be eligible to receive a performance bonus of $166,667 for the Company’s fiscal year 2012. Beginning with the Company’s fiscal year 2013, Mr. Titinger will be eligible to receive a quarterly target bonus of $125,000.
Shutterfly Appoints Brian Manca as Chief Accounting Officer
Brian Manca, Shutterfly’s Vice President and Controller, has been appointed as the Company’s Chief Accounting Officer. Mr. Manca, age 37, previously served as the Company’s Senior Director, Accounting Operations and Policy, and prior to that, as the Company’s Director, Financial Accounting. Mr. Manca joined the Company in 2007 from Deloitte & Touche LLP, where he held several positions from 1998 to 2007, most recently, Senior Manager, M&A Transaction Services.
SunPower Appoints Charles Boynton as CFO
The Board of Directors of SunPower appointed Charles Boynton, 44, as SunPower’s Chief Financial Officer. Mr. Boynton was SunPower’s Vice President, Finance and Corporate Development. Mr. Boynton has served as SunPower’s Vice President, Finance and Corporate Development since June 2010, where he drove strategic investments, joint ventures, mergers and acquisitions, field finance and finance, planning and analysis. Prior to joining SunPower in June 2010, Mr. Boynton was the Chief Financial Officer for ServiceSource, LLC from April 2008 to June 2010, where he was responsible for all aspects of financing, accounting, legal and facilities, and instrumental in preparing the company for its initial public offering. From March 2004 to April 2008 he served as the Chief Financial Officer at Intelliden where he drove finance, legal, IT, human resources and professional services. Earlier in his career, Mr. Boynton held key financial positions at Commerce One, Inc., Kraft Foods, Inc. and Grant Thornton, LLP.
Tessera Technologies Names Edmundo Ruiz as CAO
Tessera Technologies named Edmundo Ruiz executive vice president and chief administrative officer. Ruiz will report to Robert A. Young, president and chief executive officer, and will be responsible for all corporate administrative functions including IT, Human Resources, Facilities and Real Estate. He will also have corporate responsibility for strategic initiatives. Ruiz joins the management team from iSoftStone, a leading China-based IT services provider, where he was senior vice-president with overall management responsibility for the company’s European business, including managing customers and operations, and supporting corporate strategy and mergers and acquisitions. Prior to iSoftStone, Ruiz was vice president of international operations & IT at Avaya. From 1996 through 2005 Ruiz was at Siemens AG, where he held various roles including Global CIO of Siemens Mobile before becoming global head of IT infrastructure and CIO EMEA in 2002.
Yahoo! Appoints Scott Thompson as President and CEO
The Board of Directors of Yahoo! Inc. appointed Scott Thompson, 54, as Chief Executive Officer and President, and director. Mr. Thompson served as President of PayPal, a division of eBay, Inc., from January 2008 until January 3, 2011. From February 2005 to January 2008, Mr. Thompson served as PayPal’s Senior Vice President, Chief Technology Officer. From September 2001 to February 2005, Mr. Thompson served as Executive Vice President of Technology Solutions at Inovant, LLC, a subsidiary of Visa USA, a U.S. credit company. From 1998 to September 2001, Mr. Thompson was Chief Technology Officer and Executive Vice President of Technology & Support Services for Visa USA. Mr. Thompson also serves on the board of directors of F5 Networks, Inc. The Company entered into an employment letter agreement with Mr. Thompson. The employment agreement with Mr. Thompson provides to receive an annual base salary of $1,000,000, subject to annual review, and he will be eligible to receive an annual bonus under the Executive Incentive Plan with a target amount of 200% of base salary. However, Mr. Thompson’s annual bonus for 2012 will not be less than 50% of his target amount for that year. In addition, to compensate Mr. Thompson for the forfeiture of the value of his cash bonus and equity awards from his previous employer, the Agreement provides for Mr. Thompson to receive a cash bonus of $1,500,000 and a grant of restricted stock units with a grant-date value of $6,500,000. The Company will also reimburse Mr. Thompson for reasonable legal fees incurred in connection with entering into the Agreement, up to a maximum of $25,000.
AMD Announces Emilio Ghilardi Leaving the Position of SVP and Chief Sales Officer
Advanced Micro Devices announced that Mr. Emilio Ghilardi, Senior Vice President and Chief Sales Officer, will be leaving the company.
eBay’s Scott Thompson Resigns as President of PayPal
Scott Thompson notified eBay that he was resigning from his position as President of PayPal, in order to accept the position of Chief Executive Officer of Yahoo! Inc. John Donahoe, eBay’s President and Chief Executive Officer, will serve as President of PayPal on an interim basis until a successor for Mr. Thompson is named.
eHealth Executives Bruce Telkamp and Sheldon Wang Resign
eHealth announced that Bruce Telkamp, eHealth’s executive vice president of business and corporate development, and Sheldon Wang, eHealth’s executive vice president of technology and chief technology officer, have resigned from the company to pursue other career opportunities. The functions previously managed by Mr. Telkamp and Dr. Wang will be reassigned to other executives.
HP’s Vyomesh Joshi to Retire
Hewlett-Packard announced that Vyomesh I. Joshi will retire as Executive Vice President of HP’s Imaging and Printing Group.
Intel’s Andy Bryant will no Longer Serve as CAO
Andy Bryant will no longer serve as Chief Administrative Officer, a position Mr. Bryant has held since October 2007. Mr. Bryant will continue to serve as Vice Chairman of the Board.
Intersil Terminates Employment of Peter Oaklander as SVP
The employment of Peter Oaklander, an officer of Intersil Corporation and Senior Vice President was terminated. In connection with the termination of employment, Intersil and Mr. Oaklander entered into a Separation Agreement. The Agreement provides for (i) continuation of pre-termination salary for some time, (ii) continuation of pre-termination benefits for some time, (iii) a lump sum severance payment equivalent to 59 weeks base salary, less salary paid for the sometime and less all legally required state and federal withholdings, (iv) after tax payment of the excess of COBRA premiums, (v) continued vesting of unvested stock options, deferred stock units and restricted stock units.
Electronic Arts’ Eric Brown EVP and CFO Tendered Resignation
Eric Brown, Executive Vice President, Chief Financial Officer tendered his resignation. Kenneth Barker, Senior Vice President, Chief Accounting Officer of EA, will serve as interim Chief Financial Officer.
Mattson Technology Terminates Michael Dodson as CFO and EVP of Finance
Mattson Technology entered into employment termination agreement with Mr. Dodson. Under the agreement, if the company terminates his employment unrelated to Change of Control, Mr. Dodson will receive (i) a cash payment in an amount equal to his then-current annual base salary plus 50% of his prior year’s bonus award and (ii) reimbursement of his medical and dental insurance benefits (and for his dependents) under COBRA for a period of twelve months.
Netflix’s Leslie Kilgore Resigns as CMO
Leslie Kilgore resigned as Netflix’s Chief Marketing Officer and was appointed to the Board of Directors.
Plantronics Announces Barbara Scherer SVP and CFO Plans to Retire
Plantronics announced that Barbara Scherer, SVP & CFO, plans to retire once the company has found a suitable successor. The planned transition comes about as a result of Scherer’s desire to embark on a new lifestyle that enables her to pursue new business, board and personal opportunities. Scherer’s career has spanned 32 years to date, including 25 years in senior financial leadership roles within the technology industry.
Polycom’s Michael Kourey to Retire as CFO
Polycom announced that Mike Kourey will be retiring from his position as executive vice president and chief financial officer of Polycom in order to pursue other opportunities, including continuing to serve on corporate boards and various charitable activities. As Polycom’s seventh employee, Kourey has provided strategic financial expertise and business guidance to the company for 20 years, building a stellar financial position and reputation for Polycom.
QuinStreet’s Tom Cheli Resigns as Executive VP
Tom Cheli informed QuinStreet of his intention to resign as Executive Vice President.
Rambus CEO Harold Huges Plans to Retire
Rambus announced that is has begun a search for a successor to CEO Harold Hughes, who is planning to retire. Mr. Hughes will remain in the position of chief executive officer until a successor is named. Mr. Hughes has served on the Rambus Board of Directors since 2003, and will be nominated for election to another term as a Director in the upcoming Annual Stockholder’s Meeting.
ShorTel Announces Donald Girskis Resigning as SVP of Worldwide Sales
Donald J. Girskis announced he would be resigning his position as Senior Vice President of Worldwide Sales of ShoreTel, in order to pursue philanthropic opportunities.
Shutterfly’s Mark Rubash Resigns as SVP and CFO
Mark Rubash resigned from his position as Senior Vice President and Chief Financial Officer of Shutterfly to pursue other opportunities.
TiVo’s James Barton Resigns as CTO and SVP
James Barton resigned from his position as Chief Technology Officer and Senior Vice President for TiVo. Tivo plans to enter into a consulting agreement with Mr. Barton to continue to provide certain consulting services related to patent matters, litigation, and certain technical matters to the company until 2015. During the term of his consulting agreement, Mr. Barton shall be paid $25,000 per month and he will continue to vest in his current equity awards.
Xilinx’s Vincent Ratford Retires as VP of Marketing and Business Development
Mr. Vincent Ratford, Senior Vice President Worldwide Marketing and Business Development notified Xilinx of his retirement.
Board Appointments and Leaves
Altera Elects Thomas Waechter as a Member of the Board
Altera announced the election of Thomas H. Waechter to serve as a new member Altera’s board of directors and compensation committee. Mr. Waechter is currently President and Chief Executive Officer of JDS Uniphase Corporation. Mr. Waechter will receive an annual cash retainer of $50,000 for his service on the board of directors and an annual cash retainer of $10,000 for his service on the compensation committee.
Cadence Design Systems’ John Swainson will not Stand Reelection as Member of the Board
John Swainson notified the Board of Directors of Cadence Design Systems that he has accepted an appointment with Dell Inc. as President of Dell Software, and as a result will not stand for re-election at the next annual meeting of stockholders.
Dialogic Expands Board of Directors with Nick DeRoma
Dialogic announced that Nick DeRoma has been appointed to the Board of Directors. Mr. DeRoma was most recently EVP, Chief Legal and Compliance officer at Alcoa and before joining the executive leadership team at Alcoa, he was SVP and Chief Legal Officer at Nortel Networks. Prior to that, he was employed by IBM for many years, including as General Counsel – IBM North America, IBM Europe, Middle East and Africa, and General Counsel – IBM World Trade Asia.
Equinix Designates Christopher Paisley as Lead Independent Director
Christopher Paisley, a member of the Board, was designated as its Lead Independent Director, a newly created position. Duties of the Lead Independent Director include calling and chairing meetings of the independent directors of the Board.
Google Appoints Diane Greene as a Member of the Board
The Board of Directors of Google appointed Diane Greene to serve as a member of the Board and the Audit Committee of the Board. In connection with her appointment to the Board, Ms. Greene will be granted an initial equity award of $1,000,000 in the form of Google Stock Units (GSUs). The GSUs will vest at the rate of 25% on the 25th day of the month in which the grant’s first anniversary occurs, and an additional 1/48th will vest on the 25th day of each month thereafter, subject to continued service on the Board on the applicable vesting date. Following each annual stockholder meeting, Ms. Greene will also be eligible to receive Google’s standard compensation arrangement for non-employee directors, which consists of an annual $350,000 GSU grant, vesting monthly over a period of four years, and an annual $75,000 cash retainer.
Harmonic’s David Van Valkenburg Will Not Stand Reelection as a Member of the Board
David R. Van Valkenburg notified Harmonic of his intention not to stand for re-election to the Board of Directors. Mr. Van Valkenburg has served on the Harmonic’s Board of Directors for more than ten years.
Harmonic Appoints Susan Swenson of Sage as Member of the Board
Harmonic announced it has expanded the Company’s Board of Directors with the appointment of Susan G Swenson. Ms. Swenson, 63, is a seasoned executive with a strong technology background in telecommunications. Ms. Swenson most recently held the position of president and chief executive officer of Sage North America, where she led the North American arm of the UK based The Sage Group PLC. During her impressive career she has held the role of president and chief executive officer of Cellular One and the role of chief operating officer at several firms including New/Motion/Atrinsic, Amp’d Mobile, T-Mobile USA, Leap Wireless International, Inc. and PacTel Cellular. Ms. Swenson has served on the Board of Directors of Wells Fargo since 1994 and joined the Board of Directors of Spirent PLC in February of 2012.
HP’s Board Sari Baldauf and Lawrence Babbio Notify to Not Stand Reelection
Sari M. Baldauf and Lawrence T. Babbio, Jr. notified the Board of notified the Board of Directors of Hewlett-Packard that they will not stand for re-election at the next annual meeting of stockholders.
Informatica retires David Pidwell from the Board
David W. Pidwell informed Informatica that he will retire from the Board of Directors at the end of his current term and will not stand for re-election at Informatica’s 2012 annual meeting of stockholders.
iPass’ Allan Spies will not Stand Reelection as Member of the Board
Allan R. Spies, a director of iPass Inc., notified the iPass Board of Directors that he does not intend to stand for re-election to the Board of Directors at the next annual meeting of stockholders.
Juniper Networks’ Stratton Sclavos Resigns as a Member of the Board
Stratton Sclavos informed Juniper Networks that he was resigning as a member of the Board of Directors.
Lam Research Names CEO Martin Anstice as a Member of the Board
The Board of Directors of Lam Research appointed Martin Anstice, the company’s president and CEO, as a director. Mr. Anstice, 44, joined the Company in April 2001 as Senior Director, Operations Controller, was promoted to the position of Managing Director and Corporate Controller in May 2002, was promoted to Group Vice President, Chief Financial Officer, and Chief Accounting Officer in June 2004, was named Senior Vice President, Chief Financial Officer and Chief Accounting Officer in March 2007, was promoted to Executive Vice President, Chief Operating Officer, in September 2008, and was named President in December 2010 and Chief Executive Officer effective January 2, 2012. Mr. Anstice began his career at Raychem Corporation where, during his 13-year tenure, he held numerous finance roles of increasing responsibility in Europe and North America. Subsequent to Tyco International’s acquisition of Raychem in 1999, he assumed responsibilities supporting mergers and acquisition activities of Tyco Electronics.
Netflix’s Charles Giancarlo Will Not Stand Reelection as Member of the Board
Mr. Charles Giancarlo notified Netflix that he will not stand for re-election to the Company’s Board of Directors once his current term expires in May 2012.
Netflix Appoints Leslie Kilgore as a Member of the Board
Leslie Kilgore was appointed to the Board of Directors. Ms. Kilgore, like other non-employee directors, will receive stock options. The actual number of options to be granted to Ms. Kilgore will be determined by the following formula: $10,000 / ([fair market value on the date of grant] x 0.20).
Netsuite Appoints Steve Gomo as a Member of Board
NetSuite announced the appointment of Steve Gomo to its board of directors. Mr. Gomo was Senior Vice President of Finance and Chief Financial Officer of NetApp, Inc. from August 2002 until October 2004 and Executive Vice President of Finance and Chief Financial Officer of NetApp, Inc. from October 2004 until his retirement in December 2011.
OpenWave Patrick Jones, Charles Levine, Gerald Held and David Nagel Resign
Patrick Jones and Charles E. Levine each resigned from their respective positions on the Board. Gerald D. Held and David C. Nagel have also notified us that they intend to resign from their respective positions. Mr. Jones’, Mr. Levine’s, Mr. Held’s and Mr. Nagel’s decisions to resign from the Board did not arise or result from any disagreement with the Company on any matters relating to the Company’s operations, policies or practices. After the resignations of Mr. Jones and Mr. Levine from the Board, the Board consists of seven members. After the resignations of Mr. Held and Mr. Nagel from the Board, assuming no other changes prior to that time, the Board will consist of five members.
SGI’s Mark Barrenechea Resigns as a Member of the Board
Mark Barrenechea, former President and CEO of SGI, resigned from the Board effective as of February 26, 2012.
Symantec Appoints Stephen Gillett CIO of Starbucks as a Member of the Board
Symantec appointed Stephen Gillett, chief information officer and executive vice president, Digital Ventures, Starbucks, to the Company’s Board of Directors. As an independent director of the Company, Gillett will serve on Symantec’s Audit Committee. Named to Fortune Magazine’s 40 under 40 in 2010, recipient of the 2010 Aspen Institute Henry Crown Fellowship and recognized as the 2011 ‘Chief of the Year’ by InformationWeek, Gillett is a well-respected CIO and leader in the future of digital interactions between businesses and consumers. Mr. Gillett will be granted an annual award of fully-vested shares of the common stock having a fair market value equal to $200,000.
Varian Medical Systems Appoints David Illingworth to Board
Varian Medical Systems announced the appointment of David J. Illingworth to the Board of Directors.
Volterra Semiconductor Appoints Stephen M. Smith as a Member of the Board
Volterra Semiconductor Corporation appointed Stephen M. Smith to its Board of Directors. Mr. Smith currently serves as Chief Executive Officer and President of Equinix, Inc., a provider of global data center services. He has served in that capacity since joining Equinix in 2007 from Hewlett-Packard Co. At HP, Mr. Smith served as Senior Vice President of HP Services, where he was responsible for management of the organization’s Consulting and Integration, Managed Services, and Technology Deployment and Support business groups. Prior to joining HP, Mr. Smith served as Vice President of Global Professional and Managed Services at Lucent Technologies. He also held various management and sales positions during his 16 years with Electronic Data Systems Corporation, and had a successful eight-year career in the U.S. Army.
Volterra Semiconductor’s Mel Friedman Resigns as a Member of the Board
Volterra Semiconductor announced the resignation of Mel Friedman from the Board. Mr. Friedman has served as a member of the Company’s Board since May 2004.
Yahoo! Members of the Board Changes
Jerry Yang resigned from the Board of Directors of Yahoo! Inc. The Board of Directors of Yahoo! Inc. increased the size of the Board from ten to eleven directors and appointed Alfred J. Amoroso, former Rovi Corp CEO and IBM veteran, and Maynard G. Webb, Jr., ex-eBay COO, to serve as directors of Yahoo! Mr. Amoroso and Mr. Webb will each participate in the current director compensation arrangements applicable to non-employee directors. Under the terms of those arrangements, each non-employee director will receive a retainer of $80,000 per year for service on the Board and will participate in Yahoo!’s other compensation programs for its non-employee directors. Also, Yahoo! announced that Roy J. Bostock, Vyomesh Joshi, Arthur H. Kern, and Gary L. Wilson have each volunteered not to stand for re-election to the Board at the 2012 Annual Meeting. Yahoo! announced that its Board appointed three new independent directors: John D. Hayes, Executive Vice President and Chief Marketing Officer of American Express Company; Peter Liguori, former Chief Operating Officer of Discovery Communications, Inc. and former Chairman and President of Entertainment of Fox Broadcasting Network; and Thomas J. McInerney, the outgoing Chief Financial Officer of IAC/InterActiveCorp.
Adobe Approves Executive Bonus Plan
Adobe board of directors approved executive bonus plan for 2012. If the company achieves 90% of the GAAP revenue target, senior vice presidents and above levels are eligible to receive bonuses as percentages of the base salary. The target and maximum bonuses are: Shantanu Narayen, president and CEO 150% and 300%, Mark Garrett, executive vice president and CFO 100% and 200%, Kevin Lynch, senior vice president, CTO 75% and 150%, Matthew Thompson, senior vice president, worldwide field operations 100% and 200%.
Altera Adopted Officers Bonus Plan
The Board of Directors of Altera adopted Altera’s Bonus Plan for the 2012 fiscal year. Alteras’ CEO, CFO and the three other most-highly-compensated officers, as well as all other executive officers, are eligible to participate in the 2012 Bonus Plan. The target and maximum 2012 Bonus Plan payouts, each of which are a percentage of base salary that may be earned by each of the Executive Officers, are as follows: CEO 150%-375% , CFO 75%-187.5%, Sr. VP Strategy 60%-150%, Sr. VP Operations and Engineering 75%-187.5%, Sr. VP HR 60%-150%, Sr. VP Sales 75%-187.5%, Sr. VP General Counsel 75%-187.5%, Sr. VP military, industrial and computing business unit 60%-150%. The board of directors will take into account Altera’s operating income as a percentage of revenue for 2012, Altera’s percent of revenue growth in 2012 as compared to 2011, and the individual Executive Officer’s performance during the year.
Atmel Approves Executive Bonus Plan
The Board of Directors of Atmel Corporation adopted an executive bonus plan for 2012. All of executive officers are eligible to participate in the executive bonus plan. Target bonuses for Participants range from 35% to 160% of a Participant’s annual base salary. The bonus actually paid to a Participant will be based on the achievement of (i) Company performance objectives related to the Company’s annual revenue and non-GAAP operating profit as compared to the Company’s annual operating plan, (ii) individual performance objectives approved by the Compensation Committee, and (iii) for some Participants, business unit objectives tied to the business unit’s annual revenue and non-GAAP operating profit, or objectives tied to corporate sales revenue. Achievement of each factor will be measured independently, and a minimum threshold for each factor must be met for any credit to be given to that factor. The Compensation Committee set a minimum threshold, target objective and stretch objective for annual revenue and non-GAAP operating profit. Bonuses will be prorated between threshold and target performance and target and stretch performance. The actual bonuses payable for 2012, if any, could range from zero to 200% of a Participant’s bonus target.
Ariba Amends CEO Robert Calderoni’s Retention Agreement
Ariba and its Chief Executive Officer, Robert Calderoni, entered into an amendment to the Retention Benefit Agreement, providing for a $5.1 retention payment if Mr. Calderoni remains employed with the Company through September 30, 2016. As a result of this amendment, which is effective immediately, Mr. Calderoni’s right to receive early payment of the retention amount upon a change of control of the Company was eliminated and the arrangement was restructured to provide for early payment in the event of a change of control only if Mr. Calderoni experiences in connection with or following the transaction an involuntary termination of employment, as defined in the amendment, on or within 12 months after such transaction.
Echelon Approves Executive Bonus Plan
Echelon board of directors approved executive bonus plan for 2012. The bonus for Ron Sege, CEO and William Slakey, CFO is tied 50% to achieving revenue goals and 50% to achieving non-GAAP operating income targets and are $400,000 and 124,800 respectively. The bonus for Michael Anderson, senior vice president of worldwide markets is tied 50% to achieving revenue goals and 50% to achieving new order targets and is $150,000. The bonus for Anders Axelsson, senior vice president of strategic accounts is tied 50% to achieving revenue goals and 50% to achieving revenue from strategic partners is $100,000.
EFI Announces Compensatory Arrangements of Officers
The Board of Directors of Electronics for Imaging approved the 2012 performance-based cash bonus program for the Company’s executive officers, Guy Gecht and Vincent Pilette. Each of the 2012 cash bonus target amount of Gecht and Pilette was set at $651,000 and $245,000, respectively, which corresponds to 105% and 70%, respectively, of their base salary. The 2012 performance-based cash bonus will be 50% based on the achievement of targets, relating to the non-GAAP operating income and 50% based on the achievement of revenue targets.
Equinix Approves Executive Bonus Plan
The Board of Directors of Equinix approved the executive officers bonus plan, for the fiscal year. Under the plan, an annual target bonus amount has been assigned to each executive officer in the range from 65-115% of base salary, depending on the executive’s position. The actual annual bonus is determined on the basis of Equinix’s performance against revenue (weighted at 25%) and adjusted EBITDA (weighted at 75%) goals. 100% of the plan will be funded if the revenue and adjusted EBITDA goals are met. No bonuses will be paid if revenue and adjusted EBITDA are 95% or less.
Harmonic Approves Executive Salaries and Target Bonus
The Board of Directors of Harmonic approved base salaries and target bonus plan percentages for the executive officers as follows: Patrick J. Harshman, President and CEO $450,000 and 100%, Carolyn V. Aver, CFO $338,000 and 61.54%, Charles J. Bonasera, SVP Operations $260,000 and 60%, Mark Carrington SVP Worldwide Sales $270,400 and 100%, Neven Haltmayer SVP R&D $275,000 and 60%.
Informatica Approves Executive Bonus Plan
Board of Directors of Informatica approved the allocations, methodologies, and metrics for the payment of bonuses for fiscal 2012, if any, to Informatica’s executive officers. Cash bonus amounts range between 75% and 105% of base salary per executive officer at the target level of achievement. Each officer’s actual bonus is determined based on the achievement of performance goals related to license bookings and non-GAAP operating income. There is no payout for achievement at 80% or less of the target level for a semi-annual period. In addition, it is possible to exceed the target level of achievement and receive a bonus up to a maximum of 200% of the target bonus amount.
Juniper Networks Established Executive Salaries and Bonuses
The Board of Directors established 2012 annual base salaries and target bonus percentages for certain executive officers as follows: Kevin Johnson: $1,000,000 and 175%, Stefan Dyckerhoff: $670,000 and 150%, Robert Muglia: $750,000 and 150%, Pradeep Sindhu: $575,000 and 100%, Robyn Denholm: $575,000 and 100%, Gerri Elliott: $575,000 and 100%. Bonus determinations will be based on achievement of specified objectives during the year, with the portion of incentive target allocated to objectives as follows: 35% based on the company’s revenue growth, 35% based on the company’s operating margin and 30% based on achievement of other specified strategic goals. However, in the case of a general manager of a business division, such as the Company’s Platform Systems Division or Software Services Division, the incentive is based as follows: 35% based on the division’s revenue growth, 20% based on the division’s contribution margin, 15% based on the company’s operating margin, 30% based on achievement of other specified strategic goals.
Juniper Networks Approved Updated Severance Agreements
The Board of Directors approved an updated form of change of control severance agreements for certain officers, with respect to the benefits paid. The prior form of change of control severance agreements provided for the payment of up to 12 months of Company-paid health, dental and vision insurance coverage. The updated form replaced that benefit with a lump sum cash payment of $36,000 in lieu of continuation of benefits.
Meru Networks Approves Executive Bonus Plan
Meru Networks board of directors approved executive bonus plan for 2012. The total bonus has a 80% component for achieving revenue goals and 20% component for achieving non-GAAP EBITA plan. The target and maximum bonuses: Ihab Abu-Hakima, president and CEO 75% and 187%, Brett White, CFO 50% and 125%, Kamal Anand senior vice president, product management 45% and 112%, Richard Mosher, vice president & general counsel 40% and 100%.
Natus Medical Approves Executive Cash Bonus Plan
The Board of Directors of Natus Medical approved a cash bonus plan for executive officers. The cash bonuses may range from 50% to a maximum of 175% of the target amount, based on the achievement of three metrics: (i) budgeted 2012 pre-tax earnings weighted at 60%, (ii) budgeted 2012 revenue weighted at 20%, and (iii) successful completion of five discrete operational goals in 2012 weighted at 20%. The target bonus for Mr. Hawkins is 80% of 2012 base salary, for Mr. Buhler is 50% of 2012 base salary and for each of Messrs. Mince and Murphy and Dr. Chung is 45% of 2012 base salary. Mr. Traverso’s compensation is comprised of (i) his 2012 base salary, (ii) payments made pursuant to a sales commission plan that is paid on a regular basis, and (iii) a bonus for which the terms are the same as the other executive officers of the Company, except that his target bonus is 32% of his 2012 base salary.
Netsuite Approved Executive Bonus Plan
The Board of Directors of Netsuite approved the following salary and performance based bonus for executive officers for calendar year 2012: Zachary Nelson, President & CEO, base salary of $485,000 and target bonus of $485,000, Evan Goldberg, CTO, base salary of $400,000 and bonus of #200,000, James McGeever, COO, base salary of $360,000 and bonus of $240,000, Ron Gill, CFO, base salary of $305,000 and bonus of $183,000. The payment of bonuses is based on the achievement, on a quarterly basis, of certain targets of the financial metrics, such as revenue, non-GAAP operating income, cash flow and individual performance.
Omnicell Approved Executive Compensation
The Board of Directors of Omnicell approved the 2012 annualized base salaries for the executive officers. Randall Lipps, Chairman, President and Chief Executive Officer $490,000, Robin Seim, Vice President, Finance and Chief Financial Officer $281,000, Christopher Drew, Senior Vice President, Field Operations $309,000, Marga Ortigas-Wedekind, Vice President, Global Marketing and Product Development $281,000, Nhat Ngo, Vice President, Strategy and Business Development $260,000, Dan Johnston, Vice President and General Counsel $260,000.
Openwave Systems Enters into Executive Severance Agreements
Openwave Systems entered into Severance Agreements with three of its executives: Anne Brennan, Sean MacNeill and John Giere. Ms. Brennan’s Severance Agreement relates to the disposition of both the Messaging Business Unit and Mediation Business Unit of the Company, Mr. MacNeill’s Severance Agreement relates to the disposition of the Company’s Messaging Business Unit and Mr. Giere’s Severance Agreement relates to the disposition of the Company’s Mediation Business Unit. Each of the Severance Agreements with the Executives provide for the following compensation arrangements in the event the employment of the Executive is terminated as a result of Involuntary Termination and the termination is within a two-month period before or an 18-month period after a Change of Control: 1) all of the unvested equity awards held by the Executive will automatically be accelerated in full so as to become immediately and completely vested and no longer subject to any contractual restrictions; 2) a lump sum cash payment equal to 1.5 times the Executive’s then current annual base salary and target annual bonus; and 3) insurance benefit coverage for medical, dental and vision for a period of up to 18 months for the Executive and the Executive’s eligible dependents or other qualified beneficiaries.
Power Integrations Approved Executive Salaries
The Board of Directors of Power Integrations approved the 2012 salaries for the Officers of the company, as follows: Balu Balakrishnan, President and CEO $450,000, Sandeep Nayyar, CFO $290,000, John Tomlin, VP Operations $300,000, Derek Bell, VP Engineering $300,000. Each Officer was also assigned a target bonus plan paid in restricted stock units.
Rovi Approves Executive Compensation
The board of directors of Rovi Corporation approved increases to the base salaries and bonuses for each of the named executive officers for 2012. Thomas Carson, President and CEO, base salary of James Budge, CFO, base salary of $467,500 and target bonus of 64%, Stephen Yu, Executive VP and General Counsel, base salary of $364,000 and target bonus of 60%. 75% of the bonus is determined by company performance and 25% is determined by individual performance.
Sandisk Approves Executive Officer’s Salaries and Target Bonus
The Board of Directors of SanDisk approved the base salary and target bonus percentages for 2012, for executive officers as follows: Sanjay Mehrotra, President and CEO, $900,000 and 150%, Judy Bruner, Executive VP and CFO, $576,000 and 100%, James Brelsford, Chief Legal Officer $409,500 and 75%, Sumit Sadana, Sr. VP and Chief Strategy Officer, $425,000 and 75%.
Silicon Image Authorized Executive Retention Agreements
The Board of Directors authorized new change of control retention agreements with each of executive officers and vice presidents. Under each Agreement, if the Executive is terminated without “cause,” or if the executive resigns for “good reason,” each Executive will be entitled to receive the following severance benefits: the CEO will receive three times (3x) the base salary; CFO will receive two times (2x) the base salary; and all other Executives will receive one and one-half times (1.5x) base salary. In addition, each Executive shall be entitled to acceleration of an additional two years of the Executive’s unvested stock options at the time of termination, acceleration of an additional six months of the Executive’s unvested restricted stock units at the time of termination and, if the Executive elects coverage under COBRA, reimbursed health and welfare benefits for up to twelve months following his or her termination.
Shutterfly Amends Executive Employment Agreements
Shutterfly entered into an amendment to the employment agreement with Mr. Jeffrey Housenbold, which, among other things, provides that if there is a change in ownership or control of the Company, then Mr. Housenbold would receive accelerated vesting of all of his then-unvested Company stock option shares and restricted stock units. The Company entered into amendments to the employment agreements with Messrs. Dwayne Black, Neil Day, Peter Elarde, Dan McCormick, and Peter Navin. The Employment Agreement Amendments, among other things, provide that if there is a change in ownership or control of the Company, then the executives would receive accelerated vesting of the number of then-unvested Company stock option shares and restricted stock units, including earned and unearned unvested performance-based restricted stock units, that would have vested during the twelve (12) months following the date of such change in ownership.
Spansion Ammended CEO and CFO Incentive Plan
The Board of Directors of Spansion amended the compensation of the CEO and CFO for fiscal 2012 and 2013 by eliminating their participation in the Employee Incentive Plan and awarding them performance-based restricted stock units.
Tessera Technologies Approved New Executive Base Salaries
The Board of Directors of Tessera Technologies approved the annual base salaries of executive officers and incentive cash bonus targets. The annual base salary levels and target percentages are: Robert Young, President and CEO $684,000 and 0%, Michael Anthofer, Executive VP and CFO $339,500 and 60%, Bernard Cassidy, Executive VP and General Counsel, $324,500 and 60%.
TIBCO Software Amends Employment Agreement with CEO Vivek Ranadiv
TIBCO Software amended employment agreement with its Chief Executive Officer, Vivek Ranadiv. The Amended Agreement has a term of three years. Mr. Ranadiv will receive an annual base salary of $575,000 and will be eligible to receive a bonus payable upon achievement of performance goals. Mr. Ranadiv’s annual target bonus will be 100% of his base salary. In addition, pursuant to and in connection with the execution of the Amended Agreement, Mr. Ranadiv has been granted time-based restricted stock units and performance-based restricted stock units. If Mr. Ranadiv’s employment terminates, he will receive the following: (i) continued payments of his base salary for a period of twelve months, (ii) a lump-sum payment equal to his actual bonus for the fiscal year immediately preceding the fiscal year in which the termination occurs, (iii) continuation of certain health benefits for up to twelve months, and (iv) except to such greater extent as may be set forth in any applicable award agreement, twelve months’ accelerated vesting of equity awards held by Mr. Ranadiv. If the Company terminates Mr. Ranadiv’s employment without Cause, or if Mr. Ranadiv terminates his employment with the Company for Good Reason, and in either event such termination occurs during the period beginning three months prior to a Change of Control and ending twelve months following a Change of Control, Mr. Ranadiv will receive the following: (i) continued payments of his base salary for a period of twenty-four months, (ii) a lump-sum payment equal to twice the average of Mr. Ranadiv’s actual bonuses for the two fiscal years immediately preceding the year in which the Change of Control occurs, (iii) continuation of certain health benefits for up to twenty-four months, and (iv) except to such greater extent (with respect to performance vesting awards) as may be reflected in any applicable award agreement, full vesting of all equity awards held by Mr. Ranadiv.
Ultratech Implemented Executive Cash Bonus Plan
The Board of Directors of Ultratech implemented an incentive cash bonus program for the executive officers for the 2012 fiscal year. The bonus will be based on attainment of operating income and revenue targets for the year. Half of the bonus opportunity will be tied to the operating income target, and the other half will be tied to the revenue target. The Board has established four performance levels for each goal, and the actual level at which each goal is attained will determine the bonus amount payable to the executive officer with respect to that goal. The target bonus amounts set for the named executive officers are as follows: for Mr. Zafiropoulo, President and CEO, the target bonus is $862,500 representing 150% of the base salary, for Mr. Wright, Sr. VP Finance and CFO, the target bonus is $350,000 representing 100% of the base salary.
Volterra Semiconductor Approved Executive Bonus Plan
The Board of Directors of Volterra Semiconductor approved participation of the executive officers in the management bonus plan for 2012, at the following target bonus percentages: Jeff Staszak, President and CEO at 100%; Mike Burns, Senior VP of Finance and CFO, Finance at 60%, Bill Numann, Senior VP, Server and Storage, and Telecommunications Products Group at 60%, Craig Teuscher, Senior VP, Notebook Products Group at 60%, and Tom Truman, VP, World Wide Sales at 60%. Under the plan, individual bonuses may range from 0% to a maximum of 150%. The target bonus for the CEO is based solely on the financial performance. The target bonuses for all other executive officers are weighted fifty percent on the financial performance and fifty percent is based on the individual performance criteria.
TeleNav Approves Executive Compensation Arrangements
The Board of Directors of TeleNav approved the compensation arrangements to certain executive officers, as follows: HP Jin, Chairman, CEO and president $285,000 and 70%,Douglas Miller $260,000 and 70%, Y.C. Chao Vice President, Research and Development $220,000 and 60%, Salman Dhanani, Vice President, Products $220,000 and 60%, Loren Hillberg, General Counsel and Secretary $220,000 and 60%, Robert Rennard, Chief Technical Officer $240,000 and 60%, Hassan Wahla, Vice President, Business Development and Carrier Sales $220,000 and 60%, Marc Aronson, Senior Vice President of Engineering $325,000 and 50%.
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