Broadcom Elevates Accounting Chief to CFO

By Mark Maurer 

Broadcom Inc. elevated its controller and chief accounting officer to the role of finance chief as part of a series of management changes at the semiconductor firm.

The San Jose, Calif.-based company, which manufactures radio-frequency chips and circuits for mobile phones and networking stations, on Thursday named Kirsten Spears as its new chief financial officer, effective immediately. She succeeds Tom Krause, who will take over a new group at Broadcom overseeing its software operations.

Mr. Krause, who joined Broadcom in 2012 as vice president of corporate development, has served as CFO since 2016. Ms. Spears joined in 2014 as vice president and corporate controller. In 2016, the company added chief accounting officer duties to her role.

Rival Cisco Systems Inc., which competes with Broadcom in selling chips for cloud-computing operators, last month also hired a new CFO. R. Scott Herren will succeed Kelly Kramer, who is retiring.

Broadcom in recent months recorded heightened demand from cloud-computing operators and strong sales of wireless communications circuitry.

The company on Thursday reported fourth-quarter revenue of $6.47 billion for the period ended Nov. 1, up 12% from a yea r ago.

Broadcom also named sales chief Charlie Kawwas as the new chief operating officer and said that it granted Chief Executive Hock Tan a new long-term performance-based equity award which runs through fiscal 2023.

The company didn't respond to a request for comment.

--Asa Fitch contributed to this article.

Write to Mark Maurer at [e-mail]

(END) Dow Jones Newswires

December 10, 2020 19:33 ET (00:33 GMT)

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