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Skyworks Solutions, Inc. (NASDAQ:SWKS), a semiconductor company currently rated with "GOOD" financial health according to InvestingPro analysis, has announced the promotion of Reza Kasnavi to the position of Executive Vice President, Chief Operations and Technology Officer, effective Monday, March 15, 2025. The decision, as detailed in the company’s recent 8-K filing with the Securities and Exchange Commission (SEC), was made following a recommendation by the Compensation Committee of the Board on March 11, 2025. This leadership change comes as the company maintains a strong financial position with a healthy current ratio of 5.94 and more cash than debt on its balance sheet.
Kasnavi, who is currently serving as a named executive officer, will see an increase in his annual base salary from $650,000 to $700,000. Additionally, his eligibility for cash incentive awards under the company’s Fiscal Year 2025 Executive Incentive Plan (FY2025 EIP) will also rise. The compensation adjustments come as 14 analysts have revised their earnings expectations upward for the upcoming period, according to InvestingPro data. Starting from the Promotion Date, Kasnavi can earn cash incentives equal to ninety percent of his new base salary if the company meets its target performance metrics for the fiscal year 2025. He could potentially receive up to two times the target awards should Skyworks exceed its performance goals.
The adjustments to Kasnavi’s compensation will be prorated based on the date of his promotion. This move aligns with Skyworks’ efforts to strengthen its leadership team and operational capabilities. The company, headquartered in Irvine, California, is known for its work in the semiconductor and related devices industry. Despite recent market challenges that led to a 33% decline in stock price over the past six months, Skyworks maintains its 11-year streak of consecutive dividend increases and trades below its Fair Value based on comprehensive analysis.
Skyworks’ filing also included the usual financial statements and exhibits required by SEC regulations, ensuring full transparency with its investors regarding the company’s latest executive management changes. The information provided in this article is based on the statements made in the company’s SEC filing and enhanced with financial insights from InvestingPro, which offers comprehensive analysis and 10+ additional ProTips for Skyworks Solutions.
In other recent news, Skyworks Solutions has faced several notable developments. The company reported a significant reduction in business with Apple (NASDAQ:AAPL), its primary customer, due to Apple’s decision to dual source radio frequency components for the upcoming iPhone 17. This change is expected to decrease Skyworks’ content contribution by 20-25%, impacting revenue by approximately $600 million annually. Fitch Ratings confirmed Skyworks’ ’BBB+’ rating but revised the outlook to negative, citing increased competition and a reduction in chip content for Apple’s smartphones. Analysts from Craig-Hallum, TD Cowen, and Loop Capital have all adjusted their price targets for Skyworks, reflecting concerns over reduced revenue from Apple. Craig-Hallum maintained a Buy rating, while TD Cowen and Loop Capital kept a Hold rating, with price targets lowered to $85, $75, and $70, respectively. KeyBanc Capital Markets maintained its Sector Weight rating, noting the company’s expected loss of market share in the iPhone 17. Additionally, Skyworks announced a leadership change, with CEO Liam Griffin stepping down and Philip Brace taking over. Despite these challenges, Skyworks continues to focus on diversifying its revenue streams beyond smartphones.
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