SYNAPTICS Inc false 0000817720 0000817720 2024-05-10 2024-05-10












Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 10, 2024




(Exact name of Registrant as Specified in Its Charter)




Delaware   000-49602   77-0118518
(State or Other Jurisdiction
of Incorporation)
File Number)
  (IRS Employer
Identification No.)


1109 McKay Drive  
San Jose, California   95131
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: 408 904-1100



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:



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




Name of each exchange
on which registered

Common Stock, par value $.001 per share   SYNA   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. ☐




Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 14, 2024, Synaptics Incorporated (the “Company”) announced that Ken Rizvi will join the Company as its Chief Financial Officer, effective on July 15, 2024 (the “Effective Date”). On the Effective Date, in connection with Mr. Rizvi’s appointment, Michael Hurlston will cease to serve as the Company’s principal financial officer but will continue to serve as the Company’s President and Chief Executive Officer.

Mr. Rizvi, 49, has served as Senior Vice President and Chief Financial Officer of SMART Global Holdings, Inc., a diversified business focused on providing high-performance, high-availability solutions to enterprise customers, since February 2021. Prior to joining SMART Global Holdings, Mr. Rizvi served as Senior Vice President and Chief financial Officer of UTAC Holdings Ltd., a global semiconductor assembly and test services provider, from June 2018 until February 2021. He served as Senior Vice President and Chief Financial Officer at Isola Group, a global materials sciences company, from August 2016 to June 2018, and also served as Vice President of Finance & Treasurer at Micron Technology, Inc., a global semiconductor manufacturing company, from January 2013 to July 2016. Mr. Rizvi has served in senior leadership roles at UTAC Holdings, Isola Group, ON Semiconductor, and Micron Technology. He has also served as an associate with Technology Crossover Ventures, a leading private equity and venture capital firm, and as an investment banker at Morgan Stanley. Mr. Rizvi holds an Executive Master of Business Administration from the W.P. Carey School of Business at Arizona State University and a Bachelor of Arts in Economics from Yale University.

In connection with his appointment, the Company and Mr. Rizvi have executed an offer letter. The following is a summary of the terms and conditions of Mr. Rizvi’s employment.

Mr. Rizvi will receive a base annual salary of $490,000. He is eligible to receive an annual incentive target of 75% of his base salary for each Company fiscal year, prorated for the Company’s fiscal year 2025. Payment of the incentive will be based first on company-wide performance, followed by department and individual goals annually, and payment of any incentive amount is ultimately at the discretion of the Board and is not guaranteed.

Mr. Rizvi will additionally receive the following equity compensation: (i) an amount of Restricted Stock Units (“RSUs”) corresponding to an $2,150,000 equity value, with 1/3 vesting on the first anniversary of the grant date, and 1/12 vesting each quarter thereafter such that the award will be fully vested on the third anniversary of the grant date; (ii) an amount of Market Stock Units (“MSUs”) corresponding to an $2,150,000 equity value, with 1/3 of the MSUs satisfying the MSU performance condition vesting on August 17, 2025, and 1/3 vesting each year thereafter such that the award will be fully vested on August 17, 2027; and (iii) an amount of Performance Stock Units (“PSUs”) corresponding to an $2,150,000 equity value, with 1/3 of the PSUs satisfying the PSU performance condition vesting on August 17, 2025, and 1/12 vesting each quarter thereafter such that the award will be fully vested on August 17, 2027.

MSU achievement will be based on Company total shareholder return performance and PSU achievement will be based on the Company’s attainment of pre-established non-GAAP earnings per share targets, each as determined by the Board. The terms, including share calculations, vesting schedules and performance periods, of the RSU, MSU, and PSU awards are as determined by the Board. The vesting of the RSUs, MSUs, and PSUs is contingent on Mr. Rizvi’s continued employment with the Company.

Mr. Rizvi will be designated as an “Executive” under the Synaptics Incorporated Change of Control Severance Policy for Principal Executive Officers and a “Covered Executive” under the Synaptics Incorporated Severance Policy for Principal Executive Officers, the current versions of which have been previously filed by Company. The Company will enter into an indemnification agreement with Mr. Rizvi on his employment start date.

There are no arrangements or understandings between Mr. Rizvi and any other person pursuant to which he was appointed, nor are there are any family relationships between Mr. Rizvi and any of the Company’s directors or executive officers. Mr. Rizvi does not have any material interest in any transactions, relationships or arrangements with the Company that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.

Item 7.01 Regulation FD Disclosure

On May 14, 2024, the Company issued a press release regarding the events described in Item 5.02. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The information set forth under this Item 7.01 is furnished pursuant to Item 7.01 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any registration document or other document filed by the Company.

Item 9.01 Financial Statements and Exhibits.



Financial Statements of Business Acquired.

Not applicable.



Pro Forma Financial Information.

Not applicable.



Shell Company Transactions.

Not applicable.





Exhibit Number



99.1    Press release from Synaptics Incorporated, dated May 14, 2024
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)



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 thereunto duly authorized.


Date: May 14, 2024     By:  

/s/ Lisa Bodensteiner


Lisa Bodensteiner

Senior Vice President, Chief Legal Officer and Secretary


Exhibit 99.1



Synaptics Appoints Ken Rizvi as Chief Financial Officer

SAN JOSE, Calif., May 14, 2024 – Synaptics® Incorporated (Nasdaq: SYNA) today announced Ken Rizvi will join the company as Senior Vice President and Chief Financial Officer, effective July 15, 2024. Ken will report to Synaptics President and CEO Michael Hurlston and serve on the company’s leadership team. He will be responsible for all the aspects of the company’s global finance function including accounting, corporate development and investor relations.

“I am pleased to have Ken join Synaptics at this stage in our journey as we continue to drive towards becoming a leading provider of IoT connectivity and processor solutions. Ken is a seasoned finance leader with vast and varied experience set in the semiconductor industry, leading high-performance teams and driving operational excellence.” said Michael Hurlston, Chief Executive Officer of Synaptics.


LOGO    Ken has over 20 years of experience in the semiconductor industry with specific experience in finance and banking. Ken joins Synaptics from SMART Global Holdings, Inc. where he served as Senior Vice President and Chief Financial Officer. Previously he served as chief financial officer for UTAC Holdings Ltd., a global semiconductor assembly and test services provider, and for Isola Group, and has held senior finance positions at Micron Technology and ON Semiconductor.

“I am excited to join Synaptics for the next leg of its transformation and growth,” said Ken Rizvi. “Michael and the team have built a strong foundation of IoT products and solutions. I am looking forward to working with the executive team to help capitalize on our enormous opportunity to drive growth and deliver value for our customers, employees, and shareholders.”


About Synaptics Incorporated:

Synaptics (Nasdaq: SYNA) is changing the way humans engage with connected devices and data, engineering exceptional experiences throughout the home, at work, in the car, and on the go. Synaptics is the partner of choice for the world’s most innovative intelligent system providers who are integrating multiple experiential technologies into platforms that make our digital lives more productive, insightful, secure, and enjoyable. These customers are combining Synaptics’ differentiated technologies in touch, display, and biometrics with a new generation of advanced connectivity and AI-enhanced video, vision, audio, speech, and security processing. Follow Synaptics on LinkedIn, Twitter, and Facebook, or visit synaptics.com.


Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners.

Investor Relations contact:

Munjal Shah




This website contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business, and can be identified by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements may include words such as "expect," "anticipate," "intend," "believe," "estimate," "plan," "target," "strategy," "continue," "may," "will," "should," variations of such words, or other words and terms of similar meaning. All forward-looking statements reflect our best judgment and are based on several factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Such factors include, but are not limited to, the risks as identified in the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" sections of our Annual Report on Form 10-K for our most recent fiscal year, and other risks as identified from time to time in our Securities and Exchange Commission reports. Forward-looking statements are based on information available to us on the date hereof, and we do not have, and expressly disclaim, any obligation to publicly release any updates or any changes in our expectations, or any change in events, conditions, or circumstances on which any forward-looking statement is based. Our actual results and the timing of certain events could differ materially from the forward-looking statements. These forward-looking statements do not reflect the potential impact of any mergers, acquisitions, or other business combinations that had not been completed as of the date of this filing.