KLA-Tencor Names Bren Higgins CFO, Boosts Dividend

(RTTNews) - Chip-gear maker KLA-Tencor Corp. (KLAC) said Tuesday that it has appointed Bren Higgins as executive vice president and chief financial officer of the company. He will report directly to the company's president and chief executive officer Rick Wallace. Separately, the company said its board of directors has authorized a 12.5 percent increase in the quarterly dividend.

Higgins will assume the new responsibilities a day after KLA-Tencor files its annual report on Form 10-K for the fiscal year ended June 30, 2013 with the Securities and Exchange Commission. Higgins currently oversees the treasury and investor relations functions at KLA-Tencor and supports the company's business development efforts.

Mark Dentinger, who had notified KLA-Tencor of his intent to resign as CFO, will continue to serve in that position through the filing date of the company's form 10-K. Dentinger will remain with the company as a senior advisor through the end of calendar year 2013 to assist with the transition of the CFO responsibilities to Higgins.

Commenting on the executive changes, CEO Rick Wallace said, "Given his strong financial and accounting experience, we are confident Bren is well-positioned to support our immediate and long-term goals. Mark joined the company during a particularly challenging economic environment and provided five years of excellent service, including the development of a highly qualified successor."

Higgins is currently serving as vice president of corporate finance at KLA-Tencor since January 2012, and has served as senior director of corporate finance from August 2011 to January 2012.

Prior to that, Higgins served as KLA-Tencor's senior director of financial planning and analysis from August 2008 to August 2011. He has also held various financial and investor relations positions since joining the company in 1999. This includes multiple product division controller assignments and serving as group controller for KLA-Tencor's Wafer Inspection and Lithography Groups from 2006 to 2008.

Milpitas, California-based KLA-Tencor is a supplier of process control and yield management solutions for the semiconductor and related microelectronics industries. These technologies serve the semiconductor, data storage, LED, and other related nano-electronic industries.

The continued surge in sales of tablets and smartphones has hugely benefited KLA-Tencor, as chip makers have increased investments to buy equipments to make chips.

Separately, KLA-Tencor said its board of directors has authorized an increase in the company's quarterly dividend to $0.45 per share from $0.40 per share. The company expects the increase to take effect beginning with its quarterly dividend to be declared in August 2013. This is the fifth dividend increase since KLA-Tencor first instituted its dividend in April 2005.

In Tuesday's regular session, KLAC is trading at $55.84, up $0.35 or 0.63 percent on a volume of 201,094 shares.