Nvidia, a maker of computer-graphics processors, has named Cisco Systems (Nasdaq: CSCO) executive Colette Kress as chief financial officer, filling a vacant post.
Kress, 46, served for three years as vice president and chief financial officer for Cisco’s Business Technology and Operations Finance division, Santa Clara, California-based Nvidia said Monday in a statement. She had previously spent 13 years at Microsoft Corp., most recently as chief financial officer for the software maker’s Server and Tools business.
Kress, age 46, whose appointment takes effect later this month, reports to Jen-Hsun Huang, NVIDIA’s president and chief executive officer.
“We have searched extensively for the right candidate and are thrilled to have Colette join us,” said Huang. “She brings fantastic experience, excellent financial management skills and deep industry knowledge to NVIDIA. Colette will be a great asset as we work to extend our global leadership in visual computing, mobile and the cloud. I want to thank Karen Burns for her truly outstanding work as interim CFO as we conducted our search.”
Kress is taking the role vacated by David White, who stepped down in March 2011. She will earn a salary of $500,000 a year, plus a signing bonus of $1.5 million and a one-year anniversary bonus of $1 million, and will be eligible for annual incentive pay targeted at $550,000, according to a separate company filing. Kress will also be granted 220,000 restricted stock units.
Karen Burns, a corporate controller, filled the CFO role during the search for White’s replacement. Nvidia, co-founded by Chief Executive Officer Jen-Hsun Huang in 1993, is trying to expand into the market for chips that power mobile phones and tablet computers. The company’s main business is making graphics chips that power plug-in cards in personal computers.
Nvidia shares rose less than 1 percent to $15.81 at the close in New York, leaving the stock up 29 percent this year.
Cisco operates its second largest corporate campus in RTP.
- Report: Cisco Sells 8 Buildings in California
In other Cisco news, the San Jose Mercury News reported late Monday that the networking giant has sold eight of its buildings in north San Jose to a developer for $150 million.
Cisco employees will vacate the buildings over the next four years, beginning in January.
“The sale is part of Cisco’s overall San Jose master plan that includes modernizing our corporate campus and creating an environment for increased collaboration, innovation and productivity,” Cisco said in a statement issued in response to questions from the paper.
Cisco announced plans to cut 4,000 jobs in August.
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