Milpitas, Calif.-based KLA-Tencor (NASDAQ:KLAC) will soon have a new CFO. On Tuesday, KLA announced that when Mark Dentinger's term as Chief Financial Officer ends upon the filing of the firm's fiscal 2013 10-K form with the SEC, the company's current head of treasury and investor relations functions, Bren Higgins, will be promoted to the CFO role. The fiscal year ended June 30.
A 14-year veteran of the firm, Higgins is described by the company as "a seasoned veteran of KLA-Tencor's finance group" and "intimately familiar with [KLA's] operations." He has served primarily in the firm's corporate finance and financial planning and analysis departments.
In an SEC filing concurrent with the promotion announcement, KLA noted that "Higgins' compensation and benefits in connection with his new role are subject to approval by the Compensation Committee of the Company's Board of Directors" but "such compensation and benefits terms have not yet been determined." The company promised to update investors in an 8-K filing on any "material" aspects of his compensation plan once that has been worked out.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.