Applied Materials Appoints Akash Palkhiwala to Board of Directors

Rhea-AI Summary

Applied Materials (NASDAQ: AMAT) announced that Akash Palkhiwala, Chief Financial Officer and Chief Operating Officer of Qualcomm, has been appointed to its board of directors and to the board’s Audit Committee. Applied Materials highlighted his extensive financial, operational and semiconductor industry experience, including serving as Qualcomm’s CFO since 2019 and COO since 2024, with responsibilities spanning finance, global go-to-market teams, semiconductor operations and IT.

Positive

• Experienced semiconductor executive joins board – Akash Palkhiwala brings decades of semiconductor finance and operations experience from Qualcomm
• Added expertise on Audit Committee – Appointment of a sitting CFO/COO strengthens Applied Materials’ board oversight in financial and operational matters

Negative

• None.

Market Reaction – AMAT

-0.37% $480.58

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$480.58 Last Price

$471.00 $494.00 Day Range

$381.39B Market Cap

0.9x Rel. Volume

Following this news, AMAT has declined 0.37%, reflecting a mild negative market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $480.58.

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SANTA CLARA, Calif., Aug. 27, 2026 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced the appointment of Akash Palkhiwala to serve on its board of directors. As Chief Financial Officer and Chief Operating Officer of Qualcomm Incorporated, Mr. Palkhiwala brings extensive financial and operational leadership experience in the computing and technology industry. Mr. Palkhiwala has also been appointed to the board’s Audit Committee.

“Akash is a terrific addition to our board of directors,” said Tom Iannotti, Chairman of the Board. “His track record of leadership in finance and decades of experience in the semiconductor industry will add to the strength of Applied Materials’ board and serve us well in our next phase of growth.”

Mr. Palkhiwala has served as Qualcomm’s CFO since 2019 and COO since 2024 and is responsible for the finance organization, global go-to-market teams, semiconductor operations and IT. He has also served in various finance leadership roles since joining Qualcomm in 2001. Previously, Mr. Palkhiwala was a private equity analyst at KeyBank.

Mr. Palkhiwala holds an undergraduate degree in mechanical engineering from L.D. College of Engineering in India and an MBA from the University of Maryland.

About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com.

Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Mike Sullivan (financial community) 408.986.7977

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6053f01f-c6a8-4f48-8850-1c97770d5a4b

FAQ

Who was appointed to the Applied Materials (NASDAQ: AMAT) board of directors in August 2026?

Applied Materials appointed Akash Palkhiwala to its board of directors. According to Applied Materials, he currently serves as Chief Financial Officer and Chief Operating Officer of Qualcomm and brings extensive financial, operational and semiconductor industry experience to the company’s board.

What role will Akash Palkhiwala have on the Applied Materials (AMAT) board?

Akash Palkhiwala will serve as a director and member of the Audit Committee. According to Applied Materials, his background as Qualcomm’s CFO and COO should support the board’s financial oversight and governance responsibilities in the company’s next phase of growth.

What is Akash Palkhiwala’s background before joining the Applied Materials (AMAT) board?

Akash Palkhiwala is Qualcomm’s CFO since 2019 and COO since 2024. According to Applied Materials, he oversees finance, global go-to-market teams, semiconductor operations and IT, and previously held multiple finance leadership roles at Qualcomm after earlier work as a private equity analyst.

How does Akash Palkhiwala’s experience relate to Applied Materials’ semiconductor business (AMAT)?

Akash Palkhiwala has decades of experience in the semiconductor industry through Qualcomm. According to Applied Materials, his leadership in semiconductor operations, finance and global commercialization is expected to add valuable industry insight and operational perspective to the company’s board and Audit Committee.

What are Akash Palkhiwala’s education credentials relevant to his role at Applied Materials (AMAT)?

Akash Palkhiwala holds a mechanical engineering undergraduate degree and an MBA. According to Applied Materials, he graduated from L.D. College of Engineering in India and earned an MBA from the University of Maryland, supporting his combined technical and financial expertise on the board.