Dan Durn becomes Marvell (NASDAQ: MRVL) CFO as company reaffirms Q2 FY27 outlook
Rhea-AI Filing Summary
Marvell Technology announced a planned chief financial officer transition while reaffirming its financial outlook for the second quarter of fiscal 2027. Willem Meintjes will resign as CFO effective June 15, 2026, after serving since January 2023, and will remain an advisor through April 17, 2027 to support continuity.
Board member and Audit Committee Chair Dan Durn resigned from the board on June 10, 2026 and will become CFO and executive vice president, and principal financial officer, effective June 15, 2026. His compensation includes an $850,000 base salary, a target bonus equal to 120% of salary, and a $1,000,000 cash sign-on bonus, plus RSU grants and Tier 2 status in the company’s Change in Control Severance Plan.
The company issued a press release detailing the transition and stated that it is reaffirming the second-quarter fiscal 2027 financial outlook previously provided on May 27, 2026.
Positive
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Negative
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Insights
Orderly CFO handoff with experienced successor and reaffirmed outlook appears neutral overall.
Marvell is enacting a rapid CFO transition, with Willem Meintjes stepping down June 15, 2026 and remaining as an advisor into April 2027. This arrangement supports knowledge transfer and reduces operational risk during the leadership change.
The incoming CFO, Dan Durn, brings extensive semiconductor and large-cap tech experience from Adobe, Applied Materials, NXP, Freescale and GlobalFoundries. His pay package, including $850,000 base salary and 120% target bonus, aligns with a senior role at a large technology company.
The company’s decision to reaffirm its financial outlook for the second quarter of fiscal 2027 suggests the transition is not currently expected to alter near-term performance plans. Subsequent quarterly filings and updates will indicate how Durn’s leadership influences financial strategy and execution.
8-K Event Classification
Key Figures
Key Terms
Change in Control Severance Plan financial
restricted stock units financial
Annual Incentive Plan financial
forward-looking statements regulatory
Tier 2 participant financial
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. |
Resignation of Chief Financial Officer
On June 11, 2026, Marvell Technology, Inc. (the “Company”) announced that Willem Meintjes, the Company’s Chief Financial Officer and Executive Vice President, notified the Company on June 10, 2026 of his decision to resign from his position effective as of June 15, 2026. Mr. Meintjes has served as Chief Financial Officer since January 2023 and has informed the Company that the decision to resign is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Although Mr. Meintjes will step down from all officer positions, he has agreed to remain available to the Company in an advisory capacity through April 17, 2027, to support an orderly transition of duties and responsibilities.
There were no new or amended compensatory arrangements with Mr. Meintjes in connection with his transition other than those previously disclosed.
Appointment of New Chief Financial Officer and Departure of Director
On June 10, 2026, Daniel Durn, a member of our board of directors (the “Board”) and Chair of the Audit Committee, resigned from the Board, including from all committees of the Board on which he served, effective immediately, and was subsequently appointed by the Board to serve as the Company’s Chief Financial Officer and Executive Vice President and principal financial officer, effective June 15, 2026.
Mr. Durn, 59, served as the Chief Financial Officer and an Executive Vice President, Finance, Technology, Security and Operations at Adobe Inc. from October 2021 to June 2026. Prior to holding those positions, Mr. Durn served as a Senior Vice President and Chief Financial Officer of Applied Materials, Inc., from August 2017 to October 2021, and he was Executive Vice President and Chief Financial Officer at NXP Semiconductors N.V. from December 2015 to August 2017 following its merger with Freescale Semiconductor Inc. (“Freescale”), where he was Senior Vice President and Chief Financial Officer prior to the merger. Before Freescale, he was Chief Financial Officer and Executive Vice President of Finance and Administration at GlobalFoundries Inc. Mr. Durn received his Master of Business Administration in Finance from Columbia Business School and graduated from the U.S. Naval Academy with a Bachelor of Science in Control Systems Engineering. He served in the Navy for six years, reaching the rank of lieutenant.
There are no family relationships between Mr. Durn and any director or executive officer of the Company and no arrangements or understandings with any other person pursuant to which he was selected as an officer. Mr. Durn has no direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K.
In connection with his appointment, the Company established the following compensatory arrangements for Mr. Durn, as summarized below.
Mr. Durn’s annual base salary will be $850,000. He will be eligible to participate in the Company’s Annual Incentive Plan with a target annual incentive bonus of 120% of his annual base salary. Mr. Durn is eligible to receive a one-time cash sign-on bonus of $1,000,000, subject to the Company’s standard terms and conditions for sign-on bonuses. Mr. Durn has been designated a “Tier 2” participant in the Company’s Change in Control Severance Plan (“CIC Plan”) substantially in the form attached as Exhibit 10.12 to the Company’s Current Report on Form 10-Q filed with the SEC on August 29, 2025. In addition, he will receive grants of restricted stock units (“RSUs”) for the number of shares of Company common stock, as described below.
The equity awards described below were approved by the Compensation Committee under the Company’s Amended and Restated 1995 Stock Option Plan, subject to Mr. Durn’s commencement of employment and the terms of the applicable award agreements.
| 1. | 25,877 RSUs for shares of common stock that vest over four (4) years from the grant date, with twenty-five percent (25%) vesting after one (1) year and the balance vesting quarterly over the following three (3) years, subject to continued service. |
| 2. | 25,877 RSUs for shares of common stock that vest in annual installments over two (2) years from the grant date, subject to continued service. |
| 3. | 25,877 RSUs for shares of common stock that vest in quarterly installments over one (1) year from the grant date, subject to continued service. |
| 4. | 25,877 Performance-based RSUs at target which will be earned based on the Company’s total shareholder return (“TSR”) performance relative to the S&P 500 Index over a performance period from April 15, 2026 to April 5, 2029, with payout capped at 200% of target and not exceeding 100% of target if absolute TSR is negative. The number of earned shares will be further adjusted by an EPS multiplier of up to 150% based on the Company’s Non-GAAP EPS compound annual growth rate relative to a peer group measured over the initial two-year portion of the performance period; provided that the product of (x) the relative TSR payout percentage and (y) the EPS multiplier will not exceed 250%. Any shares earned will vest on June 15, 2029, subject to continued service through that date. |
The Company issued a press release regarding the matters described in this Item 5.02, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 7.01 | Regulation FD Disclosure. |
The information contained in Item 7.01 of this report, including parts of Exhibit 99.1, shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the relevant parts of the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
On June 11, 2026, the Company issued a press release announcing its Chief Financial Officer transition and providing certain guidance information for the second quarter of fiscal year 2027.
A copy of the press release is furnished herewith as Exhibit 99.1 and the information under the heading “Reaffirming Second Quarter of Fiscal 2027 Financial Outlook” is deemed furnished and not filed.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 99.1 | Press Release dated June 11, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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.
| MARVELL TECHNOLOGY, INC. | ||||||
| Date: June 11, 2026 |
By: | /s/ Mark Casper | ||||
| Mark Casper | ||||||
| Executive Vice President, Chief Legal Officer and Secretary | ||||||
Exhibit 99.1
Marvell Announces CFO Transition
Dan Durn Appointed Chief Financial Officer, Effective June 15, 2026
Reaffirms Second Quarter of Fiscal 2027 Financial Outlook
SANTA CLARA, Calif. — June 11, 2026 — Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today announced the appointment of Dan Durn to Chief Financial Officer, effective June 15, 2026. In connection with the appointment, Dan resigned from Marvell’s Board of Directors effective June 10, 2026. As CFO, Dan succeeds Willem Meintjes, who will remain available in an advisory capacity through April 2027 to support a seamless transition.
Matt Murphy, Marvell’s Chairman and CEO, said, “Since I began my role as CEO a decade ago, Willem has been an integral part of Marvell, and his contributions have been instrumental to our strong financial and operational positions. Willem joined Marvell just a few weeks before me in 2016, and I leaned on him considerably, both early on and beyond. During his tenure, Willem helped build our finance organization from the ground up and served as a steady and trusted partner through some of the most consequential periods of growth and transformation in our history. The financial discipline and operational credibility we have today is in no small part a reflection of the work he put in year after year. I deeply appreciate Willem for his partnership and we all wish him well in his next chapter.”
Matt Murphy continued, “Having served on our board for the past two years, Dan intimately knows Marvell and its long-term growth strategy. He has also spent the majority of his career in the semiconductor industry, serving as CFO at GlobalFoundries, Freescale Semiconductor, NXP Semiconductors, and Applied Materials, and brings a level of industry-specific fluency that is rare. He understands how these businesses work, how they scale, and what it takes to lead finance through periods of significant growth. That depth of experience, combined with his understanding of the capital markets and operational demands of businesses at our scale, makes him well-suited to help us continue to win in what we believe is a once-in-a-generation AI infrastructure build-out.”
Dan Durn added, “I have long admired Marvell’s technology leadership and the critical role it plays at the center of the AI and data infrastructure ecosystem. I am excited to join the Marvell management team at such a dynamic moment for the Company and the industry. Together with Matt, Marvell leadership, and the finance organization, I look forward to driving continued growth and delivering value for shareholders and customers as Marvell accelerates its AI and data infrastructure strategy.”
Willem Meintjes said, “After 10 incredible years, I am moving on to spend more time with my family. Working closely alongside Matt and the entire Marvell finance organization has been one of the great privileges of my career, and I’m very proud of what this organization has built together. Dan brings outstanding credentials and a strong understanding of this business that will serve Marvell well. I look forward to supporting him and the team through this transition.”
Dan brings more than three decades of senior financial leadership across the semiconductor and enterprise technology sectors. Dan joins Marvell from Adobe Inc., where he served as Chief Financial Officer and Executive Vice President of Finance, Technology, Security and Operations from October 2021 to June 2026. Prior to Adobe, he served as Senior Vice President and Chief Financial Officer of Applied Materials, Inc. Earlier in his career, he served as Executive Vice President and Chief Financial Officer at NXP Semiconductors N.V. following its merger with Freescale Semiconductor, where he had previously held the role of Senior Vice President and Chief Financial Officer. Before Freescale, he served as Chief Financial Officer and Executive Vice President of Finance and Administration at GlobalFoundries Inc. Mr. Durn holds a Master of Business Administration in Finance from Columbia Business School and a Bachelor of Science in Control Systems Engineering from the U.S. Naval Academy, where he was commissioned as a naval officer and served for six years, reaching the rank of lieutenant.
Reaffirming Second Quarter of Fiscal 2027 Financial Outlook
The Company today also announced that it is reaffirming its financial outlook for the second quarter of fiscal 2027, as provided on May 27, 2026.
Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events, results or achievements, such as statements in this press release related to reaffirming our financial outlook for the second quarter of fiscal year 2027. Actual events, results or achievements may differ materially from those contemplated in this press release. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those described in the “Risk Factors” section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and no person assumes any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
About Marvell
To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for over 30 years, we move, store, process and secure the world’s data with semiconductor solutions designed for our customers’ current needs and future ambitions. Through a process of deep collaboration and transparency, we’re ultimately changing the way tomorrow’s enterprise, cloud and carrier architectures transform—for the better.
Contacts
Ashish Saran
Senior Vice President, Investor Relations
408-222-0777
ir@marvell.com