Lam Research (LRCX) names new board member and promotes insider to COO

Rhea-AI Filing Summary

Lam Research Corporation filed a report describing board and executive leadership changes. The board appointed Anirudh Devgan, Ph.D. (age 56) as a director, effective immediately, and increased the board size by one seat. He also joined the Board’s Innovation and Technology Committee and will receive compensation consistent with other non-employee directors, along with the company’s standard indemnification agreement.

The company also announced that Patrick J. Lord, Ph.D. will retire as chief operating officer effective March 6, 2026, after more than two decades with Lam and Novellus Systems. At the same time, Seshasayee (Sesha) Varadarajan (age 51) will become executive vice president and chief operating officer. Varadarajan has held senior leadership roles at Lam and previously at Novellus since 1999. The company states there are no special arrangements, family relationships, or related-party transactions connected to these appointments.

Insights

Corporate governance and leadership analyst

Lam refreshes its board and plans an orderly COO transition.

Lam Research adds Cadence CEO Anirudh Devgan to its board, expanding both board size and technical depth. His background in computational software and electronic design automation aligns with Lam’s semiconductor equipment focus and suggests continued emphasis on innovation and complex engineering capabilities at the board level.

Operationally, long-time executive Patrick Lord is retiring as COO in March 2026, with internal leader Sesha Varadarajan promoted to executive vice president and COO. The move maintains continuity because Varadarajan has led major product and deposition businesses at Lam and Novellus for many years.

Because the announcement frames Lord’s exit as a planned retirement and names a seasoned internal successor with detailed prior responsibilities, the change reads as a structured succession rather than a disruption. Future company filings and performance will show how Varadarajan’s leadership influences product execution and operations.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 30, 2026

LAM RESEARCH CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

0-12933

94-2634797

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification Number)

4650 Cushing Parkway

Fremont, California 94538

(Address of principal executive offices including zip code)

(510) 572-0200

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

			☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
			☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
			☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
			☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share			LRCX			The Nasdaq Stock Market
						(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                      ☐

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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			3
Item 9.01.						Financial Statements and Exhibits			4
SIGNATURES									5

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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 February 3, 2026, the Board of Directors (the “Board”) of Lam Research Corporation (the “Company”), pursuant to applicable provisions of the Company’s Amended and Restated Bylaws, appointed Anirudh Devgan, Ph.D., age 56, as a director of the Company, effective immediately. In connection with the director appointment, the size of the board was increased by one. On the same day, Dr. Devgan joined the Innovation and Technology Committee of the Board.

Dr. Devgan has served as chief executive officer and as a member of the board of directors of Cadence Design Systems, Inc. (“Cadence”), a computational software company, since December 2021, and as president of Cadence since November 2017. Prior to becoming president of Cadence, he was executive vice president and general manager of the Digital & Signoff and System & Verification groups at Cadence. Prior to joining Cadence in 2012, Dr. Devgan was corporate vice president and general manager of the Custom Design Business Unit at Magma Design Automation, Inc., an electronic design automation company. Previous roles Dr. Devgan has held include management and technical positions at IBM, where he received numerous awards including the IBM Outstanding Innovation Award. Dr. Devgan is the recipient of the IEEE/SEMI Phil Kaufman Award, has been inducted into the National Academy of Engineering, is an IEEE Fellow, has authored numerous research papers, and holds several patents.

Dr. Devgan earned a B.Tech. in Electrical Engineering from the Indian Institute of Technology, Delhi, and M.S. and Ph.D. degrees in Electrical and Computer Engineering from Carnegie Mellon University.

There are no arrangements or understandings between Dr. Devgan and any other persons pursuant to which Dr. Devgan was named a director of the Company. Dr. Devgan does not have any family relationship with any of the Company’s directors or executive officers or any persons nominated or chosen by the Company to be a director or executive officer. Dr. Devgan does not have a direct or indirect material interest in any transaction or proposed transaction required to be reported under Section 404(a) of Regulation S-K or Item 5.02(d) of Form 8-K.

Dr. Devgan will receive compensation for his service as a director consistent with the Company’s current policies for compensation of non-employee directors.

In accordance with the Company’s customary practice, the Company is entering into its standard form of indemnification agreement with Dr. Devgan, which will require the Company to indemnify him against certain liabilities that may arise as a result of his status or service as a director. The description of the indemnification agreements with Dr. Devgan is qualified in its entirety by the full text of the form of indemnification agreement, which is attached to the Company’s Quarterly Report on Form 10-Q dated January 29, 2024 as Exhibit 10.1.

On February 3, 2026, the Company issued a press release announcing the appointment of Dr. Devgan. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

On February 3, 2026, the Company also announced that Patrick J. Lord, Ph.D. is retiring from his position as the Company’s chief operating officer, effective March 6, 2026, after more than two decades with the Company, including at Novellus Systems, Inc. (“Novellus”) prior to its acquisition by the Company. Dr. Lord notified the Company of his decision to retire on January 30, 2026. The Company thanks Dr. Lord for his dedicated service and many significant contributions to the Company.

Simultaneous with the announcement of Dr. Lord’s retirement, the Company announced that Seshasayee (Sesha) Varadarajan was appointed as the Company’s executive vice president and chief operating officer, effective March 6, 2026.

Mr. Varadarajan, age 51, has been the Company’s senior vice president of the Global Products Group since March 2023. Mr. Varadarajan previously served as senior vice president and general manager of the Deposition Business Unit beginning February 2018; and group vice president of the Deposition product group beginning September 2013. Previously, he served as the head of the PECVD/Electrofill Business Unit between June 2012 and September 2013. Prior to the Company’s acquisition of Novellus in June 2012, Mr. Varadarajan was senior vice president and general manager of Novellus’ PECVD and Electrofill Business Units. He joined Novellus in 1999 as a process engineer with the Electrofill Business Unit and held various roles in that business unit before being appointed director of technology in 2004. Between 2006 and 2008, he worked in the PECVD Business Unit, initially as director of technology, until being promoted to product general manager. In 2009, he returned to the Electrofill Business Unit as vice president and general manager. In mid-2011, he was promoted to senior vice president and general manager, where he was also responsible for the PECVD Business Unit. Mr. Varadarajan earned an M.S. degree in

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manufacturing engineering and material science from Boston University and a B.S. degree in mechanical engineering from the University of Mysore.

There are no arrangements or understandings between Mr. Varadarajan and any other persons pursuant to which Mr. Varadarajan was named as executive vice president and chief operating officer of the Company. Mr. Varadarajan does not have any family relationship with any of the Company’s directors or executive officers or any persons nominated or chosen by the Company to be a director or executive officer. Mr. Varadarajan has no direct or indirect material interest in any transaction or proposed transaction required to be reported under Section 404(a) of Regulation S-K or Item 5.02(c) of Form 8-K.

On February 3, 2026, the Company issued a press release announcing the retirement of Dr. Lord and the appointment of Mr. Varadarajan. A copy of the press release is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

Item 9.01.    Financial Statements and Exhibits

(d) Exhibits

99.1			Press Release dated February 3, 2026 regarding director appointment
99.2			Press Release dated February 3, 2026 regarding management transition
104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

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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.

Date:			February 3, 2026						LAM RESEARCH CORPORATION
									(Registrant)
									/s/ Ava A. Harter
									Ava A. Harter
									Senior Vice President, Chief Legal Officer

FAQ

What board change did Lam Research (LRCX) disclose in this 8-K?

Lam Research appointed Anirudh Devgan, Ph.D., as a director, effective immediately, and increased the board size by one seat. He also joined the Innovation and Technology Committee and will receive standard non-employee director compensation and the company’s customary indemnification agreement.

Who is Anirudh Devgan and what experience does he bring to Lam Research (LRCX)?

Anirudh Devgan is president and chief executive officer of Cadence Design Systems, with a long career in computational software and electronic design automation. He previously held senior roles at Cadence and Magma Design Automation and has received major industry honors, including the IEEE/SEMI Phil Kaufman Award.

What executive leadership transition did Lam Research (LRCX) announce for its COO role?

Lam Research announced that Patrick J. Lord, Ph.D., will retire as chief operating officer effective March 6, 2026. At the same time, long-time executive Seshasayee (Sesha) Varadarajan will be promoted to executive vice president and chief operating officer, continuing his progression from senior product and business unit leadership roles.

Does Lam Research (LRCX) report any related-party or family relationships for the new director or COO?

The company states there are no arrangements or understandings with other persons regarding the appointments of Anirudh Devgan or Sesha Varadarajan. It also notes they have no family relationships with existing directors or executive officers and no material interests in reportable related-party transactions.

How long has incoming COO Sesha Varadarajan been with Lam Research and Novellus?

Sesha Varadarajan has been with Novellus Systems and then Lam Research since 1999. He progressed through roles including process engineer, director of technology, business unit general manager, and senior vice president overseeing deposition and other product groups before being named senior vice president of the Global Products Group in 2023.

Did Lam Research (LRCX) issue press releases about these leadership changes?

Yes. Lam Research issued a press release announcing Anirudh Devgan’s board appointment and another announcing Patrick Lord’s retirement and Sesha Varadarajan’s promotion. These are included as Exhibits 99.1 and 99.2, respectively, in the report’s exhibit index.