SAN JOSE, Calif., Dec. 10, 2020 /PRNewswire/ -- Broadcom
Inc. (Nasdaq: AVGO), a global technology leader that designs,
develops and supplies semiconductor and infrastructure software
solutions, today announced the following senior leadership
appointments, effective immediately, reporting to Hock Tan,
President and Chief Executive Officer:
- Tom Krause, currently Chief
Financial Officer of Broadcom, has been named President of the new
Infrastructure Software Group, overseeing the Company's six
software divisions as well as software sales, customer support
and software operations.
- Charlie Kawwas, currently Senior
Vice President and Chief Sales Officer of Broadcom, has been named
Chief Operating Officer of Broadcom, now overseeing the Company's
global operations, as well as continuing to be responsible for
sales for the Semiconductor and Brocade Storage Networking
businesses and corporate marketing for all of Broadcom.
- Kirsten Spears, currently Vice
President, Corporate Controller and Principal Accounting Officer of
Broadcom, will now assume the role of Chief Financial Officer of
Broadcom.
Henry Samueli, Ph.D., Chairman of
the Board of Broadcom Inc., said, "Through a series of strategic
acquisitions and a steadfast commitment to R&D, Broadcom has
grown to be one of the world's leading technology companies. The
leadership appointments announced today underscore the Board's
focus on driving the long-term growth and sustainability of
Broadcom. Hock has created tremendous value and built a deep bench
of talent. With these changes, Broadcom will be best positioned to
build on its accomplishments and capture the significant
opportunity it has ahead."
Mr. Tan said, "Tom, Charlie and Kirsten are invaluable members
of our management team, and these appointments demonstrate our
Company's commitment to continued growth and success in the future.
With this strong group of leaders, we look forward to building on
our outstanding track record of shareholder value creation."
For Fiscal Year 2020, Broadcom's one-year total shareholder
return ("TSR") was 23.5%. Broadcom's TSR has increased by 15.7%
annually on average over the past three years, and by 26.8%
annually on average over the past five years. Additionally, since
its initial public offering in 2009, Broadcom has increased its
absolute TSR by over 2,500%, averaging a TSR increase of 34.0%
annually.
Mr. Tan has been granted a new long-term performance-based
equity award that incentivizes him through the end of fiscal 2023.
The Company will file today with the SEC the amended agreements
with Mr. Tan, Mr. Krause and Dr. Kawwas and the new agreement with
Ms. Spears.
About Tom
Krause
Tom Krause has
been Chief Financial Officer of Broadcom since October 2016, overseeing all financial functions,
mergers and acquisitions, information technology, human resources
and investor relations. He joined the company as Vice President of
Corporate Development in January
2012. Prior to joining, Mr. Krause ran his own financial
advisory firm where he represented several public and private
technology companies. Prior to this, he served as Vice President of
Business Development at Techwell, a mixed-signal fabless
semiconductor company that went public in 2006 and was acquired by
Intersil in 2010. Additionally, he has had roles with Technology
Crossover Ventures and Robertson Stephens. Mr. Krause received a
B.A. in Economics from Princeton
University.
About Charlie Kawwas,
Ph.D.
Charlie Kawwas has been
Senior Vice President and Chief Sales Officer of Broadcom,
responsible for global sales and marketing across all business
divisions, since June 2015. Dr.
Kawwas joined the company through the LSI acquisition where he was
head of worldwide sales. Previous positions at LSI include Vice
President of Sales and Marketing for the networking division and
Vice President of Marketing for the networking and storage products
group. Before joining LSI, Dr. Kawwas was the leader of Product
Line Management for the Optical Ethernet and Multi-service Edge
portfolio at Nortel. Dr. Kawwas received a B.Eng. in Computer
Engineering, an M.S. in Electrical Engineering and Computer
Engineering, and a Ph.D. in Electrical and Computer Engineering
from Concordia University, Montreal,
Canada. Dr. Kawwas was awarded Alumnus of the Year for 2020 by
Concordia University.
About Kirsten
Spears
Kirsten Spears
has been Vice President and Corporate Controller of Broadcom since
May 2014. In this role, she was
responsible for the accounting and business controllership,
financial planning and analysis, financial reporting activities and
related disclosure controls and global financial shared services
including payroll. Previously, she was Vice President and Corporate
Controller at LSI. She joined LSI in September of 1997 and held a
number of management positions in accounting and reporting before
becoming the Corporate Controller in 2007. Before LSI, Ms. Spears
worked for PriceWaterhouseCoopers in audit; for Raychem, managing a
variety of accounting functions; and for Bank of America, managing
branch operations. Ms. Spears holds an M.B.A. from Santa Clara University.
Forward-Looking Statements
This press release contains forward-looking statements
(including within the meaning of Section 21E of the United
States Securities Exchange Act of 1934, as amended, and
Section 27A of the United States Securities Act of 1933, as
amended) concerning Broadcom. These statements include, but are not
limited to, statements that address our expected future business
and financial performance and other statements identified by words
such as "will", "expect", "believe", "anticipate", "estimate",
"should", "intend", "plan", "potential", "predict" "project",
"aim", and similar words, phrases or expressions. These
forward-looking statements are based on current expectations and
beliefs of the management of Broadcom, as well as assumptions made
by, and information currently available to, such management,
current market trends and market conditions and involve risks and
uncertainties, many of which are outside Broadcom's and our
management's control, and which may cause actual results to differ
materially from those contained in forward-looking statements.
Accordingly, you should not place undue reliance on such
statements.
Particular uncertainties that could materially affect future
results include risks associated with: the COVID-19 pandemic, which
has, and will likely continue to, negatively impact the global
economy and disrupt normal business activity, and which may have an
adverse effect on our results of operations; any loss of our
significant customers and fluctuations in the timing and volume of
significant customer demand; our dependence on contract
manufacturing and outsourced supply chain; our dependency on a
limited number of suppliers; global economic conditions and
concerns; global political and economic conditions; government
regulations, trade restrictions and trade tensions; our significant
indebtedness and the need to generate sufficient cash flows to
service and repay such debt; dependence on and risks associated
with distributors and resellers of our products; dependence on
senior management and our ability to attract and retain qualified
personnel; any acquisitions we may make, such as delays, challenges
and expenses associated with receiving governmental and regulatory
approvals and satisfying other closing conditions, and with
integrating acquired businesses with our existing businesses and
our ability to achieve the benefits, growth prospects and synergies
expected by such acquisitions; involvement in legal or
administrative proceedings; quarterly and annual fluctuations in
operating results; our ability to accurately estimate customers'
demand and adjust our manufacturing and supply chain accordingly;
cyclicality in the semiconductor industry or in our target markets;
our competitive performance and ability to continue achieving
design wins with our customers, as well as the timing of any design
wins; prolonged disruptions of our or our contract manufacturers'
manufacturing facilities, warehouses or other significant
operations; our ability to improve our manufacturing efficiency and
quality; our dependence on outsourced service providers for certain
key business services and their ability to execute to our
requirements; our ability to maintain or improve gross margin; our
ability to protect our intellectual property and the
unpredictability of any associated litigation expenses;
compatibility of our software products with operating environments,
platforms or third-party products; our ability to enter into
satisfactory software license agreements; availability of third
party software used in our products; use of open source code
sources in our products; any expenses or reputational damage
associated with resolving customer product warranty and
indemnification claims; market acceptance of the end products into
which our products are designed; our ability to sell to new types
of customers and to keep pace with technological advances; our
compliance with privacy and data security laws; our ability to
protect against a breach of security systems; fluctuations in
foreign exchange rates; our provision for income taxes and overall
cash tax costs, legislation that may impact our overall cash tax
costs and our ability to maintain tax concessions in certain
jurisdictions; and other events and trends on a national, regional
and global scale, including those of a political, economic,
business, competitive and regulatory nature. Many of the foregoing
risks and uncertainties are, and will be, exacerbated by the
COVID-19 pandemic and any worsening of the global business and
economic environment as a result.
Our filings with the SEC, which you may obtain for free at the
SEC's website at http://www.sec.gov, discuss some of the important
risk factors that may affect our business, results of operations
and financial condition. Actual results may vary from the estimates
provided. We undertake no intent or obligation to publicly update
or revise any of the estimates and other forward-looking statements
made in this announcement, whether as a result of new information,
future events or otherwise, except as required by law.
About Broadcom Inc.
Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in
San Jose, CA, is a global
technology leader that designs, develops and supplies a broad range
of semiconductor and infrastructure software solutions. Broadcom's
category-leading product portfolio serves critical markets
including data center, networking, enterprise software, broadband,
wireless, storage and industrial. Our solutions include data center
networking and storage, enterprise, mainframe and cyber security
software focused on automation, monitoring and security, smartphone
components, telecoms and factory automation. For more information,
go to www.broadcom.com.
Contact:
Broadcom Inc.
Beatrice F. Russotto
Investor Relations
408-433-8000
investor.relations@broadcom.com
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SOURCE Broadcom Inc.