Adobe Names Applied Materials CFO Durn as New Financial Chief
October 01 2021 - 9:37AM
Dow Jones News
By Michael Dabaie
Adobe Inc. said it named Applied Materials Inc. Chief Financial
Officer Dan Durn as its new CFO effective Oct. 18.
Mr. Durn would assume the role from John Murphy, who announced
his retirement earlier this year.
Materials-engineering-solutions company Applied Materials said
it appointed former CFO Bob Halliday to be interim CFO, serving in
the role until a successor is in place.
Mr. Durn has been Applied Materials CFO since 2017. He was
previously executive vice president and CFO at NXP Semiconductors
NV following its merger with Freescale Semiconductor. Before
Freescale, Mr. Durn was CFO and executive vice president of finance
and administration at GlobalFoundries Inc., and served as managing
director, head of mergers and acquisitions and strategy at Mubadala
Technology Fund.
Prior to that, Mr. Durn was vice president of mergers and
acquisitions in the technology practice at Goldman Sachs &
Co.
"Over the past four years, Dan has made substantial
contributions to Applied as we have delivered strong, profitable
growth," Applied Materials Chief Executive Gary Dickerson said.
Applied Materials also said its guidance for the fourth quarter
is unchanged.
Mr. Durn is expected to receive a base salary of $850,000 per
year and would be eligible to receive a target bonus equal to 100%
of his annual base salary, Adobe said in a U.S. Securities and
Exchange Commission filing. Mr. Durn is also eligible to receive a
sign-on bonus of $6.2 million payable in two equal installments,
according to the filing.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
October 01, 2021 09:22 ET (13:22 GMT)
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