San Jose, Calif.-based Integrated Device Technology (NASDAQ: IDTI ) is about to lose its Chief Financial Officer -- and just down the road, Milpitas, Calif., based Intersil Corporation (NASDAQ: ISIL ) will pick him up.
In a press release Tuesday, IDT announced that CFO Richard D. Crowley has decided to leave the company "to pursue another executive opportunity" sometime after Sept. 17. In its press release Tuesday, Intersil confirmed that it is the place of said "opportunity," and will be hiring Crowley to become its own CFO effective Sept. 23.
In a filing with the SEC, Intersil disclosed that it intends to pay Crowley an annual base salary of $370,000, plus:
- a 2013 bonus targeting 75% of base salary
- 100,000 deferred stock units vesting over four years
- 31,000 performance-based deferred market stock units
- 30,000 more deferred stock units, payable on April 1, 2014, and vesting over four years
Meanwhile, back at IDT, the company says it has promoted Brian C. White to become its new CFO, effective today. White has more than 25 years of accounting and financial experience, including six years as vice president of finance and treasurer at IDT. He also served as interim CFO at the company in 2008.