UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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. |
On October 15, 2021, Dolby Laboratories, Inc. (the “Company”) appointed Robert J. Park, age 51, as Senior Vice President and Chief Financial Officer. Prior to his appointment, Mr. Park served as Chief Financial Officer of BlueJeans by Verizon, a cloud-based enterprise video conferencing and communications company, since April 2016. Mr. Park holds a B.S. degree in Business Administration with a concentration in accounting from California Polytechnic State University, San Luis Obispo.
In connection with his appointment as Chief Financial Officer, the Company entered into an offer letter with Mr. Park which provides for, among other things, (i) a base salary of $475,000; (ii) annual bonus eligibility with a target amount of 65% of base salary under the Company’s Executive Bonus Plan (prorated for his year of hire); (iii) a sign-on bonus of $400,000, subject to repayment upon resignation (other than for good reason) or termination for cause within 24 months of receiving the payment; and (iv) one-time new hire stock option and restricted stock unit (“RSU”) awards under the Company’s 2020 Stock Plan (the “Plan”) in an amount based on a target grant date fair value of $4,100,000 allocated as follows: 75% of the target grant value will be awarded in the form of RSUs and 25% of the target grant value will be awarded in the form of stock options. Mr. Park will enter into the Company’s standard form of Indemnification Agreement and will be eligible to participate in other benefits generally available to employees of the Company.
Other than the offer letter, there are no arrangements or understandings between Mr. Park and any other persons pursuant to which he was appointed as the Chief Financial Officer of the Company. There are no family relationships between Mr. Park and any director, executive officer or any person nominated or chosen by the Company to become a director or executive officer. No information is required to be disclosed with respect to Mr. Park pursuant to Item 404(a) of Regulation S-K.
The Company previously announced that on May 1, 2021, Lewis Chew, Executive Vice President and Chief Financial Officer of the Company notified the Company of his anticipated retirement prior to the end of calendar year 2021. On October 15, 2021, the Company entered into an Advisory Agreement (the “Agreement”) with Mr. Chew. Pursuant to the terms of the Agreement, Mr. Chew ceased to serve as Chief Financial Officer effective as of the appointment of Mr. Park and will provide transitional and advisory services to the Company until December 20, 2021.
Under the Agreement, Mr. Chew will receive an annual base salary of $342,000 through December 20, 2021, and he will remain eligible for his preestablished annual bonus under the 2021 Dolby Executive Bonus Plan, contingent upon his continued employment through the date the bonus is paid. For the duration of his services to the Company, Mr. Chew will continue to receive standard Company-sponsored benefits and his outstanding equity awards will continue to vest in accordance with their terms. A copy of the Agreement as required pursuant to Item 601 of Regulation S-K is expected to be filed as an exhibit to the Company’s Form 10-Q for the fiscal quarter ended December 31, 2021.
| Item 7.01. | Regulation FD Disclosure. |
On October 15, 2021, the Company issued a press release, furnished as Exhibit 99.1, announcing the events described in Item 5.02 above.
The information in this Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 99.1 | Press Release of Dolby Laboratories, Inc. dated October 15, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DOLBY LABORATORIES, INC. | ||
| By: | /s/ ANDY SHERMAN | |
| Andy Sherman | ||
| Executive Vice President, General Counsel and Corporate Secretary | ||
Date: October 15, 2021
Exhibit 99.1
Robert Park Joins Dolby Laboratories as Chief Financial Officer
Seasoned Executive Brings Decades of Financial and Business Leadership to Dolby
SAN FRANCISCO – October 15, 2021 – Dolby Laboratories, Inc. (NYSE:DLB), a leader in immersive entertainment experiences, today announced the appointment of Robert Park, a global finance leader with a track record of guiding companies through growth, as its Senior Vice President and Chief Financial Officer.
Robert will lead Dolby’s global finance organization building on the company’s strong financial position. As previously announced, Lewis Chew, the company’s Chief Financial Officer since 2012, will support this leadership transition and retire at the end of the calendar year.
“Throughout Robert’s career he has implemented financial strategies to accelerate decision making, navigate changing landscapes and help companies achieve their near-and long-term objectives, all while delivering operational excellence and accountability,” said Kevin Yeaman, President and CEO of Dolby Laboratories. “I’m confident that Robert’s leadership combined with his financial and business expertise will support our company’s next phase of growth.”
“Dolby is enabling a growing number of experiences for people around the world,” said Robert Park, SVP and Chief Financial Officer Dolby Laboratories. “As the company expands how people can have Dolby experiences, it’s an incredible opportunity to design the financial strategies that will enable future revenue growth and deliver shareholder value.”
Most recently, as Chief Financial Officer of BlueJeans, Robert played a key role in shaping and executing on the cloud platform’s growth strategy. During his tenure, the company delivered improved operating margins which ultimately led to the 2020 acquisition by Verizon.
Throughout Robert’s career, including BlueJeans, Chegg Inc., and PayPal, he’s developed and led teams that collaborate with multiple business units to create financial strategies across key business drivers - from sales productivity and marketing program efficacy to product and development prioritization to facilitated business alignment - to enable the delivery of top-line growth and improved profitability.
In accounting and leadership roles at Ernst & Young, where he served numerous technology clients, and McKesson Corporation Robert delivered operational excellence and accountability.
Robert earned his degree in Business Administration with a concentration in accounting from California Polytechnic State University, San Luis Obispo.
About Dolby Laboratories
Dolby Laboratories (NYSE:DLB) is based in San Francisco with offices around the globe. From movies and TV shows, to apps, music, sports, and gaming, Dolby transforms the science of sight and sound into spectacular experiences for billions of people worldwide. We partner with artists, storytellers, developers, and businesses to revolutionize entertainment and communications with Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby.io.
Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby.io, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories, Inc. in the United States and/or other countries. Other trademarks remain the property of their respective owners.
Media Contact
Natalia Sandin
Dolby
Natalia.Sandin@dolby.com
650-201-8814
Document and Entity Information |
Oct. 15, 2021 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001308547 |
| Document Type | 8-K |
| Document Period End Date | Oct. 15, 2021 |
| Entity Registrant Name | DOLBY LABORATORIES, INC. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-32431 |
| Entity Tax Identification Number | 90-0199783 |
| Entity Address, Address Line One | 1275 Market Street |
| Entity Address, City or Town | San Francisco |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 94103-1410 |
| City Area Code | (415) |
| Local Phone Number | 558-0200 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Class A common stock, $0.001 par value |
| Trading Symbol | DLB |
| Security Exchange Name | NYSE |
| Entity Emerging Growth Company | false |
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