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AFFX > SEC Filings for AFFX > Form 8-K on 20-May-2013All Recent SEC Filings

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Change in Directors or Principal Officers

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

On May 20, 2013, Affymetrix, Inc. ("Affymetrix") announced that Gavin Wood will become its Executive Vice President and Chief Financial Officer, starting on May 20, 2013.

Mr. Wood, aged 43, joined Affymetrix in 2006 and has held a number of positions within Affymetrix, most recently as Vice President, Finance, International Controller, responsible for Europe and Asia Pacific. Prior to joining Affymetrix, Mr. Wood held a number of positions at the Unipart Group of Companies, including Business Unit Controller and Business Process Manager for implementing major enterprise resource planning systems in North America. Mr. Wood is a Chartered Accountant who qualified with the London Accountancy Practice Morgan Brown Spofforth in 1997 before continuing his career with Grant Thornton LLP.

Under the terms of Mr. Wood's offer letter with Affymetrix, he will receive an annual base salary of $330,000 and will be eligible to receive an annual bonus at a target level equal to 50% of his base salary, with actual payment based on Affymetrix' performance bonus program. Following commencement of his employment, he will receive initial equity awards consisting of options to purchase 90,000 shares, at an exercise price equal to the fair market value on the grant date, and 25,000 restricted shares, both of which awards will vest over four years. He will also be eligible for certain relocation and tax equalization benefits.

Affymetrix' current Executive Vice President and Chief Financial Officer, Timothy Barabe, will step down from his position on May 20, 2013 but will remain with Affymetrix until the end of June 2013 to ensure a smooth transition. Affymetrix expects to enter into a separation agreement with Mr. Barabe in connection with his departure.

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