UNITED STATES
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FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
As part of its ongoing review and implementation of management succession planning, the Board of Directors of Ambarella, Inc. (the “Company”) has approved the promotion of the following two members of the Company’s senior management team effective September 1, 2021:
Chan W. Lee – Chief Operating Officer
Mr. Lee, age 53, a member of the Company’s founding team, has served as Vice President, VLSI since February 2004. Prior to joining the Company, Mr. Lee held management-level positions at Afara Websystems, Inc., a developer of throughput-oriented microprocessor technology that was acquired by Sun Microsystems in 2002, and Intel Corporation, a semiconductor company. Mr. Lee holds B.S. and M.S. degrees in Electrical Engineering from Cornell University.
Chi-Hong (John) Ju - Sr. Vice President, Systems
Mr. Ju, age 60, also a member of the Company’s founding team, has served as Vice President, Software since February 2004. Before joining the Company, Mr. Ju held management-level positions at Afara Websystems, C-Cube Microsystems, Inc., a developer of digital video processors, and Sarnoff Research Lab, a pioneer of video technology. Mr. Ju holds a B.S. degree in Electrical Engineering from National Taiwan University and a M.S. degree in Electrical and Computer Engineering from Princeton University.
The Company did not make adjustments to the annual salaries of Mr. Lee and Mr. Ju in connection with these promotions. Mr. Lee’s fiscal year 2022 annual base salary is $333,600 and Mr. Ju’s fiscal year 2022 annual base salary is $304,900. Mr. Lee and Mr. Ju are eligible to participate in the Company’s Fiscal Year 2022 Annual Bonus Plan. A description of the Fiscal Year 2022 Annual Bonus Plan is contained in the Company’s Current Report on Form 8-K filed on March 4, 2021 and incorporated by reference herein. Mr. Lee and Mr. Ju will continue to be employed with Ambarella on an “at will” basis, and each participates in the benefit programs generally available to employees of Ambarella, including Ambarella’s 401(k) plan, health insurance and life and disability insurance. The Company previously entered into its standard forms of Change of Control and Severance Agreement and Indemnification Agreements with Mr. Lee and Mr. Ju.
There are no arrangements or understandings between Mr. Lee or Mr. Ju and any other person pursuant to which either was appointed to their new positions with the Company. Neither Mr. Lee nor Mr. Ju has any family relationship with any director or other executive of Ambarella, and there are no transactions in which Mr. Lee or Mr. Ju has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: September 8, 2021 | Ambarella, Inc. | |||||
| /s/ Kevin C. Eichler | ||||||
| Kevin C. Eichler Chief Financial Officer | ||||||