Lattice Semiconductor Grows Board To 10 Seats, Adding Arista's John McCool And Returning Director Raejeanne Skillern
The 8-K lists $80,000 cash retainers and $220,000 restricted stock grants for both new independent directors.
Lattice Semiconductor raised its board from 8 to 10 seats and appointed two directors, John McCool and Raejeanne Skillern, effective October 21, according to an 8-K filed Thursday. Skillern is a returning member who left the board in May 2024.
What the 8-K says
McCool is 67 and Skillern is 56. The board determined that both are independent under Nasdaq listing standards, and it has not yet chosen the committees they will join.
McCool is Senior Vice President and Special Advisor to the CEO at Arista Networks, and was previously Arista's Senior Vice President and Chief Platform Officer, according to the company's press release. The release says he has more than four decades of experience in semiconductors, networking and systems engineering.
Skillern is the former Vice President and Chief Marketing Officer of Amazon Web Services. The release says she has more than 30 years in cloud, data center infrastructure and artificial intelligence, and sits on the boards of Jabil and Dycom Industries.
She served on Lattice's board from September 2022 to May 2024, the filing says.
Pay and what it changes
Each director is entitled to the customary non-employee package: an $80,000 annual cash retainer, plus restricted stock units (stock awards that vest over time) with a fair market value of $220,000 on the grant date. The award is prorated for the months of service until the next annual meeting.
The units vest May 4, 2027, provided the director is still serving. Each director will also sign the company's standard indemnification agreement.
The filing says neither director has family ties to Lattice's directors or officers, and that no arrangement with any other party led to their selection.
Chairman Jeff Richardson said in the release: "We are especially glad to welcome Raejeanne back." He cited both directors' experience in networking, cloud and data center infrastructure.
What to watch
The committee assignments for McCool and Skillern are still to be set, and the restricted stock units vest May 4, 2027.
Both directors' stock awards run to May 4, 2027, tied to their continued service through that date.
