Sanmina Appoints New CFO, David Anderson
Ticker: SANM · Form: 8-K · Filed: Dec 12, 2024 · CIK: 897723
| Field | Detail |
|---|---|
| Company | Sanmina Corp (SANM) |
| Form Type | 8-K |
| Filed Date | Dec 12, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Sanmina just hired a new CFO, David Anderson, starting Dec 12th. He's getting $500k base + bonus + stock.
AI Summary
Sanmina Corporation announced on December 9, 2024, the appointment of David M. Anderson as Chief Financial Officer, effective December 12, 2024. Anderson will receive an annual base salary of $500,000 and is eligible for a discretionary annual bonus. He will also be granted 100,000 restricted stock units vesting over four years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $500,000 — CFO Annual Base Salary (David Anderson's starting salary as CFO.)
- 100,000 — RSUs Granted to CFO (Stock units granted to David Anderson, vesting over four years.)
Key Players & Entities
- Sanmina Corporation (company) — Registrant
- David M. Anderson (person) — Appointed Chief Financial Officer
- $500,000 (dollar_amount) — Annual base salary for new CFO
- 100,000 (dollar_amount) — Restricted stock units granted to new CFO
- December 9, 2024 (date) — Date of Report
- December 12, 2024 (date) — Effective date of CFO appointment
FAQ
What is David M. Anderson's starting annual base salary?
David M. Anderson's starting annual base salary is $500,000.
When is David M. Anderson's appointment as CFO effective?
David M. Anderson's appointment as CFO is effective December 12, 2024.
What is the vesting schedule for the restricted stock units granted to David M. Anderson?
The 100,000 restricted stock units granted to David M. Anderson will vest over four years.
Is David M. Anderson eligible for a bonus?
Yes, David M. Anderson is eligible for a discretionary annual bonus.
What other executive changes are reported in this 8-K filing?
This 8-K filing specifically reports the appointment of David M. Anderson as Chief Financial Officer and does not detail other executive changes.
Filing Stats: 551 words · 2 min read · ~2 pages · Grade level 13.7 · Accepted 2024-12-12 16:05:16
Filing Documents
- tm2430798d1_8k.htm (8-K) — 22KB
- 0001104659-24-128005.txt ( ) — 189KB
- sanm-20241209.xsd (EX-101.SCH) — 3KB
- sanm-20241209_lab.xml (EX-101.LAB) — 33KB
- sanm-20241209_pre.xml (EX-101.PRE) — 22KB
- tm2430798d1_8k_htm.xml (XML) — 3KB
02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS On December 9, 2024, the Compensation Committee of the Board of Directors of the Company approved the Fiscal Year 2025 Corporate Bonus Plan (the "2025 Plan"). The 2025 Plan contains targets for the Company's revenue, non-GAAP operating margin and cash flow from operations for fiscal 2025. The Company's performance for fiscal 2025 will be measured against these targets. Should the Company not achieve a minimum performance against these targets, no incentive compensation shall be payable under the 2025 Plan. Each 2025 Plan participant's actual incentive compensation for fiscal 2025 will be determined by reference to his or her target incentive compensation, the Company's achievement against its targets and achievement of the participant's individual/divisional performance goals for fiscal 2025. Target individual incentive compensation payable under the 2025 Plan is expressed as a percentage of annual base salary and, for executive officers of the Company, ranges from 90% to 187.5%. The Committee retains the right to terminate or amend the 2025 Plan in any respect, including increasing or decreasing Company and individual incentive compensation targets, and can also adjust an individual's incentive compensation up or down on a discretionary basis. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. SANMINA CORPORATION By: /s/ Jonathan Faust Jonathan Faust Executive Vice President and Chief Financial Officer Date: December 12, 2024 3