Super Micro Names Mark Long CFO, Effective Immediately, With A $725,000 Salary
The board replaced David Weigand with the former Western Digital finance chief, and the offer letter adds $500,000 sign-on and guaranteed bonuses.
Super Micro's board appointed Mark Long as chief financial officer on Wednesday, effective immediately, and David Weigand stopped serving in the role at that point, according to an 8-K filed Thursday. Long's offer letter sets a $725,000 base salary.
What the 8-K says
Long is 59. Since 2019 he has been a principal of Prime Impact Capital, an early-stage investment and advisory firm. From 2020 to 2023 he was co-CEO and CFO of Prime Impact Acquisition I, a publicly listed blank-check company focused on technology.
He was Western Digital's CFO from 2016 to 2019 and its chief strategy officer from 2015 to 2019. The filing also lists a law degree and an MBA from the University of Michigan.
The filing says no arrangement or understanding lies behind his selection, and he has no family ties to any director or executive officer.
The pay package
Cash terms in the offer letter:
- A $725,000 annual base salary.
- A $500,000 sign-on bonus, subject to prorated repayment if he leaves before two years of employment.
- A guaranteed annual cash bonus of $500,000, payable monthly or quarterly.
- An additional annual performance cash bonus of $225,000 to $725,000, with terms still to be set.
He is also eligible for an annual special bonus in restricted stock units, based on company and individual performance. His employment is at will.
Long is expected to receive 120,000 restricted stock units and an option on 150,000 shares, each vesting over four years. Both are subject to approval by the board's Compensation Committee.
Stock and the board
SMCI traded at $34.35 in Thursday pre-market trading, down about 4% from Wednesday's close of $35.78. The stock fell about 8% in the prior session, per market data.
The CFO change follows a separate board move: Super Micro named former Intel executive Shesha Krishnapura as an independent director, effective Oct. 9.
The next item is the Compensation Committee's decision on Long's 120,000 restricted stock units and 150,000-share option, which the filing makes conditional on its approval.
Sources
- 8-K Filing — Super Micro Computer, Inc. (SMCI) — SEC EDGAR
- Super Micro Stock Rises After Company Adds Former Intel Veteran to Board — Yahoo Finance
