Photronics Inc. (NASDAQ:PLAB), a semiconductor and related devices manufacturing company, announced the departure of Richelle Burr, who has retired from her role as executive vice president, chief administrative officer, general counsel, and secretary, effective as of last Sunday. The Connecticut-based company disclosed the executive transition in a filing with the Securities and Exchange Commission today.
Under the terms of a Separation, General Release, and Consulting Agreement, Burr will receive a severance package totaling $516,086, equivalent to her annual base salary, which will be paid in 26 equal installments. Moreover, 48,750 shares of restricted stock will continue to vest until January 15, 2025. Should Burr opt for COBRA health care continuation coverage, Photronics has agreed to cover the monthly premium for up to a year.
The separation agreement includes mutual general releases between Burr and Photronics, as well as post-retirement non-compete, non-solicitation, and confidentiality obligations. The company may also request consulting services from Burr in the future, as per the agreement's terms.
Eric Rivera, Photronics' EVP and Chief Financial Officer, signed off on the SEC filing. The company, which has its headquarters at 15 Secor Road, Brookfield, Connecticut, specializes in semiconductors and related devices, a sector known for its technological advancements and competitive landscape.
This development follows the company's adherence to corporate governance practices, ensuring a smooth transition of executive responsibilities. The SEC filing, based on which this report is made, provides insight into the company's executive management structure and compensatory practices.
InvestingPro Insights
Photronics Inc. (NASDAQ:PLAB) demonstrates financial stability and attractive valuation metrics, according to recent InvestingPro data. The company's market capitalization stands at $1.56 billion, with a price-to-earnings (P/E) ratio of 10.77, suggesting a potentially undervalued stock relative to its earnings. This is further supported by an InvestingPro Tip indicating that Photronics is trading at a low P/E ratio relative to its near-term earnings growth.
The company's financial health appears robust, with InvestingPro Tips highlighting that Photronics holds more cash than debt on its balance sheet and that its liquid assets exceed short-term obligations. This financial position could provide the company with flexibility during executive transitions, such as the recent departure of Richelle Burr.
Despite a year-to-date price decline of 22.7%, Photronics has shown strong performance over a longer term, with a one-year price total return of 19.69%. This aligns with another InvestingPro Tip noting the company's strong return over the last five years.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights, with 6 more tips available for Photronics on the platform.
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