Qorvo Appoints Bob Blair as New CFO
Ticker: QRVO · Form: 8-K · Filed: May 20, 2024 · CIK: 1604778
Sentiment: neutral
Topics: executive-appointment, cfo, leadership-change
Related Tickers: QRVO
TL;DR
Qorvo names Bob Blair as new CFO, effective immediately.
AI Summary
On May 14, 2024, Qorvo, Inc. announced the appointment of Bob Blair as Chief Financial Officer, effective immediately. Blair previously served as interim CFO and has been with the company since 2007, holding various finance leadership roles. This appointment follows the departure of former CFO, Mark Murphy.
Why It Matters
The appointment of a permanent CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: low — This filing primarily concerns a routine executive appointment and does not disclose significant new financial risks.
Key Players & Entities
- Qorvo, Inc. (company) — Registrant
- Bob Blair (person) — Appointed Chief Financial Officer
- Mark Murphy (person) — Former Chief Financial Officer
- May 14, 2024 (date) — Effective date of appointment
FAQ
Who has been appointed as the new Chief Financial Officer of Qorvo, Inc.?
Bob Blair has been appointed as the new Chief Financial Officer of Qorvo, Inc.
When was Bob Blair's appointment as CFO effective?
Bob Blair's appointment as CFO was effective immediately as of May 14, 2024.
What was Bob Blair's role prior to becoming CFO?
Prior to becoming CFO, Bob Blair served as the interim CFO for Qorvo, Inc.
How long has Bob Blair been with Qorvo, Inc.?
Bob Blair has been with Qorvo, Inc. since 2007.
Who did Bob Blair replace as CFO?
Bob Blair replaced Mark Murphy as CFO.
Filing Stats: 1,334 words · 5 min read · ~4 pages · Grade level 12.7 · Accepted 2024-05-20 16:47:13
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value QRVO The Nasdaq Stock Mar
- $99.05 — tee in accordance with the 2022 Plan at $99.05 per share, which was the closing price
Filing Documents
- dp211397_8k.htm (8-K) — 39KB
- dp211397_ex9901.htm (EX-99.1) — 9KB
- image_001.jpg (GRAPHIC) — 3KB
- image_002.jpg (GRAPHIC) — 11KB
- 0000950103-24-006908.txt ( ) — 246KB
- qrvo-20240514.xsd (EX-101.SCH) — 3KB
- qrvo-20240514_lab.xml (EX-101.LAB) — 33KB
- qrvo-20240514_pre.xml (EX-101.PRE) — 22KB
- dp211397_8k_htm.xml (XML) — 3KB
02. Departure of Directors
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . Fiscal Year 2025 Performance-Based Restricted Stock Awards and Performance Criteria On May 14, 2024, the Compensation Committee (the "Committee") of the Board of Directors of Qorvo, Inc. (the "Company") approved awards of performance-based restricted stock units ("PBRSUs") for fiscal year 2025 in accordance with the Qorvo, Inc. 2022 Stock Incentive Plan (the "2022 Plan") to each of the Company's current named executive officers. Each PBRSU, in addition to being subject to customary terms and conditions as set forth in the 2022 Plan and PBRSU award agreement, is subject to specified performance and service conditions and represents a performance-based award to receive an amount of the Company's common stock at a future date. The fair market value for each share of the Company's common stock underlying the PBRSUs was established by the Committee in accordance with the 2022 Plan at $99.05 per share, which was the closing price of the Company's common stock as reported on the Nasdaq Global Select Market on May 14, 2024. Consistent with prior fiscal years, the Committee approved the grant of PBRSUs that will be earned based upon the Company's achievement of certain key Company initiatives that the Committee believes have a strong potential to impact longer-term stockholder value creation (the "Performance Objective PBRSUs"). Approximately 75% of the target grant date value of the fiscal year 2025 PBRSUs consist of Performance Objective PBRSUs. In addition, the Committee included an additional component to the PBRSU program for fiscal year 2025. Pursuant to this change, approximately 25% of the target grant date value of the fiscal year 2025 PBRSUs consist of awards that will be earned based upon the Company's achievement of certain gross margin objectives for fiscal years 2025, 2026 and 2027 (the "Gross Margi
01. Other Events
Item 8.01. Other Events. On May 20, 2024, the Company issued a press release announcing that a federal jury in the U.S. District Court for the District of Delaware returned a verdict on Friday, May 17, 2024, in favor of the Company in an action against Akoustis Technologies, Inc. and Akoustis Inc. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibit 99.1 Press release dated May 20, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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. Qorvo, Inc. By: /s/ Grant A. Brown Grant A. Brown Senior Vice President and Chief Financial Officer Date: May 20, 2024