Analog Devices, Inc. (NASDAQ:ADI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On June 15, 2017, Analog Devices, Inc. (the Company)
announced senior leadership changes for the combined company
following the Companys acquisition of Linear Technology
Corporation (Linear). Effective June15, 2017, Rick Hess,
the Companys Executive Vice President, will transition to
Strategic Advisor to the CEO, providing strategic advice and
guidance to the CEO and senior executives with a primary focus on
Linear integration matters. Also effective June15, 2017, Greg
Henderson is promoted to Senior Vice President, Automotive,
Communications and Aerospace Defense to lead the Companys
automotive, communications infrastructure and aerospace and
defense businesses, Yusuf Jamal is promoted to Senior Vice
President, Industrial, Healthcare, Consumer and IoT Solutions and
Security to lead the Companys industrial, consumer, healthcare
and IoT businesses, and former Linear executive Steve Pietkiewicz
is promoted to Senior Vice President, Power Products to lead the
Companys power business. Each of the newly named senior
executives will report to Vincent Roche, the Companys President
and CEO. The Companys press release announcing these changes is
attached as Exhibit 99.1 and incorporated herein by reference.
On June13, 2017, in connection with Mr.Hess change in
responsibilities, the Compensation Committee of the Board of
Directors of the Company approved amendments to Mr.Hess
employment agreement to change his title, and adjust his annual
base salary from $650,000 to $175,000, effective June15, 2017.
His target cash incentive bonus under the Companys employee bonus
plan will remain at 50% of his annual base salary. In addition,
the amended employment agreement provides that Mr.Hess severance
protection thereunder shall remain in place and that any
severance benefits that Mr.Hess is entitled to under the terms of
his employment agreement, other than in connection with a change
in control of the Company, will be calculated on the basis of his
annual base salary and target cash incentive bonus in effect as
of immediately prior to the effectiveness of the amendment. The
foregoing description of the amendment is qualified in its
entirety by reference to the complete copy of the amendment
attached hereto as Exhibit 10.1 and incorporated by reference
herein.
| Item9.01. | Financial Statements and Exhibits |
|
ExhibitNo. |
Description |
|
| 10.1 |
Amendment No.6 to Employment Agreement with Rick D. Hess dated June13, 2017 |
|
| 99.1 | Press release dated June15, 2017 |
About Analog Devices, Inc. (NASDAQ:ADI)
Analog Devices, Inc. (Analog Devices) designs, manufactures and markets a portfolio of solutions that leverage high-performance analog, mixed-signal and digital signal processing technology, including integrated circuits (ICs), algorithms, software and subsystems. Its products include Analog Products, Converters, Amplifiers/Radio Frequency, Other Analog, Power Management and Reference, and Digital Signal Processing Products. The Company is a supplier of data converter products. The Company is a supplier of high-performance amplifiers. Its analog product line also includes products of high performance radio frequency (RF) ICs. The Company’s DSPs are used for high-speed numeric calculations. The Company offers its products for applications in various end markets, such as industrial, automotive, consumer and communications. The Company operates in the United States, Rest of North/South America, Europe, Japan and China.
