Prasad Rampalli President and CEO, QLogic

Here is an information coming from a SEC filing published by QLogic Corp.

 On December 9, 2013, the company announced that Prasad L. Rampalli will join the company as its president and CEO. He will also be appointed to the board of directors.

His appointment will be effective his first day of employment at QLogic, which is expected to be February 3, 2014. Upon his appointment as president and CEO, he will serve as the company’s principal executive officer.

He most was SVP, cross business unit engineering, at EMC. From September 2010 to July 2013, he served as SVP, EMC solutions group. Prior to joining EMC, he spent 27 years at Intel, most VP and director of end-user platform integration, architecture group.

Named to CIO Magazine‘s Top 100 Honoree List in 2001 and 2002, Rampalli has a master’s degree in industrial engineering from University of Texas, Arlington and a bachelor’s degree in mechanical engineering from the Indian Institute of Technology in Kanpur, India. He is an adjunct professor at the Beijing Jaitong University and advisor to the Ministry of Railways (MOR) and Ministry of Health (MOH), People’s Republic of China as part of its government stimulus plan.

His initial annual base salary rate for Rampalli effective upon his first day of employment will be $600,000. His annual target incentive will be 100% of his annual base salary, and he will be eligible to participate in the company’s annual incentive program beginning in fiscal year 2015.

He will receive a sign-on bonus of $250,000 that must be repaid to the company in the event that during his first year of employment he voluntarily terminates his employment or he is terminated by the company for cause. He is also entitled to a relocation assistance package that includes reimbursement of relocation expenses such as temporary living expenses, storage, and certain costs of selling his current home and purchasing a new home, in an amount not to exceed $250,000.

In the event that the company terminates Rampalli’s employment without cause or in the event that he terminates his employment for good reason, in either case within 6 months before or 24 months after a change in control of the company, he would be entitled to receive a cash lump sum payment equal to the sum of his annual base salary and the greater of Rampalli’s maximum annual cash bonus for the year in which the termination occurs or the highest annual bonus paid to him for any one of the 3 preceding fiscal years, multiplied by two.

QLogic and H.K. Desai, the company’s executive chairman and COB of directors, entered into an employment agreement.

It provides him to serve as the company’s executive chairman for a term beginning on December 4, 2013 and ending on March 29, 2015, the last day of the company’s 2015 fiscal year. His annual base salary rate is $530,000. His annual target incentive is 100% of his annual base salary. The compensation committee also approved a restricted stock unit award of 136,636 shares (effective December 4, 2013) under the company’s 2005 performance incentive plan to him.

In consideration of her service as interim CEO, the compensation committee approved a restricted stock unit award of 42,699 shares (effective December 4, 2013) under the company’s 2005 performance incentive plan to Jean Hu, the company’s SVP and CFO.