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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