Benzinga | Dec 10, 2020 04:26PM EST

Broadcom Names Charlie Kawwas COO, Names Kirsten Spears CFO

SAN JOSE, Calif., Dec. 10, 2020 /PRNewswire/ -- Broadcom Inc. (NASDAQ:AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced the following senior leadership appointments, effective immediately, reporting to Hock Tan, President and Chief Executive Officer:

* Tom Krause, currently Chief Financial Officer of Broadcom, has been named President of the new Infrastructure Software Group, overseeing the Company's six software divisions as well as software sales, customer support and software operations.

* Charlie Kawwas, currently Senior Vice President and Chief Sales Officer of Broadcom, has been named Chief Operating Officer of Broadcom, now overseeing the Company's global operations, as well as continuing to be responsible for sales for the Semiconductor and Brocade Storage Networking businesses and corporate marketing for all of Broadcom.

* Kirsten Spears, currently Vice President, Corporate Controller and Principal Accounting Officer of Broadcom, will now assume the role of Chief Financial Officer of Broadcom.

Henry Samueli, Ph.D., Chairman of the Board of Broadcom Inc., said, "Through a series of strategic acquisitions and a steadfast commitment to R&D, Broadcom has grown to be one of the world's leading technology companies. The leadership appointments announced today underscore the Board's focus on driving the long-term growth and sustainability of Broadcom. Hock has created tremendous value and built a deep bench of talent. With these changes, Broadcom will be best positioned to build on its accomplishments and capture the significant opportunity it has ahead."

Mr. Tan said, "Tom, Charlie and Kirsten are invaluable members of our management team, and these appointments demonstrate our Company's commitment to continued growth and success in the future. With this strong group of leaders, we look forward to building on our outstanding track record of shareholder value creation."

For Fiscal Year 2020, Broadcom's one-year total shareholder return ("TSR") was 23.5%. Broadcom's TSR has increased by 15.7% annually on average over the past three years, and by 26.8% annually on average over the past five years. Additionally, since its initial public offering in 2009, Broadcom has increased its absolute TSR by over 2,500%, averaging a TSR increase of 34.0% annually.

Mr. Tan has been granted a new long-term performance-based equity award that incentivizes him through the end of fiscal 2023. The Company will file today with the SEC the amended agreements with Mr. Tan, Mr. Krause and Dr. Kawwas and the new agreement with Ms. Spears.