Super Micro names former Western Digital CFO Mark Long to replace David Weigand

Super Micro Computer said its board appointed Mark Long, a former Western Digital finance chief, as chief financial officer effective Oct. 14, and that David Weigand ceased serving in the role the same day, according to a Form 8-K filed Oct. 15.

A new finance chief at Super Micro

Super Micro Computer, Inc. said its board appointed Mark Long as chief financial officer effective Oct. 14, and that David Weigand stopped serving in the role at the same time, according to a Form 8-K the company filed with the Securities and Exchange Commission on Oct. 15.

The filing does not say why Weigand left or whether he remains at the company in another capacity. It also does not disclose any severance or consulting arrangement for him.

Who Mark Long is

Long, 59, has been a principal of Prime Impact Capital, an early-stage investment and advisory firm, since 2019. From 2020 to 2023 he was co-chief executive and chief financial officer of Prime Impact Acquisition I, a publicly listed special-purpose acquisition company focused on technology deals. Before that he was chief financial officer of Western Digital Corporation from 2016 to 2019 and its chief strategy officer from 2015 to 2019. He holds a Juris Doctor and a Master of Business Administration from the University of Michigan.

Super Micro said there are no arrangements or understandings between Long and any other person under which he was selected as CFO, no family relationships between him and any director or executive officer of the company, and no transactions involving him that would require disclosure under Item 404(a) of Regulation S-K.

What he will be paid

In connection with the appointment, Super Micro entered into an employment offer letter with Long. It provides for an annual base salary of $725,000 and a sign-on bonus of $500,000 that he would have to repay on a prorated basis if he leaves before completing two years. He will receive a guaranteed annual cash bonus of $500,000, payable monthly or quarterly, and will be eligible for an additional annual performance-based cash bonus of $225,000 to $725,000, with the terms still to be set. He is also eligible for an annual special bonus in restricted stock units tied to company performance and individual achievement.

Subject to approval by the Compensation Committee, Long is expected to receive an initial award of 120,000 restricted stock units and an option to purchase 150,000 shares of Super Micro common stock, each vesting over four years if he stays employed. His employment is at will, and he will be eligible for the benefit programs available to the company's full-time employees. The 8-K lists only the cover-page interactive data file as an exhibit; it does not attach the offer letter itself.

Why investors watch the finance seat

The chief financial officer oversees accounting, capital structure and investor communication, so a same-day handoff is material even when the filing gives no reason for the change. TickerGrove could not retrieve a Super Micro investor-relations release for this transition on this pass, so the Form 8-K is the disclosure used here.

How the stock is trading

Super Micro's shares were about $34.00 in mid-afternoon Eastern trading on Oct. 15, down about 5% from Wednesday's close of $35.78, according to Yahoo Finance market data. Prices will change through the session. Super Micro trades on Nasdaq as SMCI. TickerGrove previously covered a separate Super Micro matter involving a contractor's guilty plea; Thursday's filing is a different event.