Microchip Technology (MCHP, Financial) has announced the appointment of Victor Peng, the former president of Advanced Micro Devices, Inc. (AMD), to its Board of Directors. This decision was made by the Board following a recommendation from its Nominating, Governance and Sustainability Committee. Mr. Peng's appointment will be effective from February 10, 2025.
Victor Peng brings a wealth of experience to Microchip Technology, having held a prominent leadership role at AMD. However, he has not yet been assigned to any specific committee within the Board. The company has clarified that there is no arrangement or understanding between Mr. Peng and any other person that led to his appointment as a director.
Furthermore, there are no transactions involving Mr. Peng that require disclosure under Item 404(a) of Regulation S-K. As a non-employee director, Mr. Peng will participate in Microchip Technology's standard compensation plan, details of which are outlined in the "Director Compensation" section of the company's definitive proxy statement filed with the Securities and Exchange Commission on July 8, 2024.
This strategic addition to the Board is expected to enhance Microchip Technology's governance and leadership, leveraging Mr. Peng's extensive industry experience.
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