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 today 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 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 (NVDA:US) rose less than 1 percent to $15.81 at the close in New York, leaving the stock up 29 percent this year.
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