Micron Technology, Inc. (MU) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by, and welcome to the Micron Technology, Inc. Annual Meeting. [Operator Instructions] I would now like to hand the conference over to your speaker today, Bob Switz, Chairman of the Board of Micron. Please go ahead, sir.

Thank you. Good morning. I'm Bob Switz, Chairman of the Board of Micron, and I would like to welcome you to our 2021 Annual Meeting. Thank you for joining us today. We're excited to be hosting our virtual meeting, which allows us to be more inclusive and reach a greater number of our shareholders. Prior to calling the meeting to order, I would like to introduce the other directors up for reelection. Rich Beyer, former Chairman and Chief Executive Officer of Freescale Semiconductor; Lynn Dugle, former Chairman and Chief Executive Officer and President of Engility Holdings; Steven Gomo, former Executive Vice President and Chief Financial Officer of NetApp; Mary Pat McCarthy, former Vice Chair of KPMG LLP; Sanjay Mehrotra, President and CEO of the company; and MaryAnn Wright, former Group Vice President of Engineering and Product Development of Johnson Controls International. At this time, I'd like to acknowledge Bob Bailey. Bob has served as a Director of Micron since 2007 and has decided not to stand for reelection this year. On behalf of Micron and the Board of Directors, I want to thank Bob for his contributions and wish him success in his future endeavors. I also have with us today, our auditors and the Inspector of Election, Rishi Jobanputra from our independent public accounting firm, PricewaterhouseCoopers, is on the line as well. The company has appointed Tony Carideo of Broadridge Financial Services to act as Inspector of Election. Tony is with us today, and he has taken the oath of Inspector of Election earlier today. The proxy materials for this meeting included a letter to shareholders from Sanjay Mehrotra, Micron's President and CEO. The letter recaps our achievements in fiscal 2020 and outlines our major strategic objectives for fiscal 2021. As a result, we will not be providing a business update and we will not have a question-and-answer session at this meeting. Relevant questions submitted prior to, during or after the meeting will be addressed by Farhan Ahmad, Micron's Vice President, Investor Relations, in the Investor Relations section of our website at micron.com. It is now 10:03 -- excuse me, it's 9:03 Pacific Time on January 14, and this meeting is officially called to order. Formal business of meeting, notice of meeting. I have received affidavits stating that notice of this meeting and a proxy statement have been given to all shareholders of record as of November 18, 2020. The Inspector of Elections, Tony Carideo from Broadridge has signed the oath of Inspector of Elections. The Inspector of Elections has reported to me that we have present in person or by proxy, not less than 83% of the outstanding shares entitled to vote at this meeting, which constitutes a quorum. I therefore declare this meeting duly convened. The proxy statement describes the items to be voted on today. The first item of business is the election of directors. Rich Beyer; Lynn Dugle; Steve Gomo; Mary Pat McCarthy, Sanjay Mehrotra; MaryAnn Wright; and I have been nominated to serve until the next annual meeting or until our successors are duly elected and qualified. Second item of business is to approve on a nonbinding basis, the compensation of our named executive officers as described in the proxy statement. The third item of business is to approve the amended and restated 2007 incentive plan -- equity incentive plan and increase the shares reserved for issuance thereunder by $35 million as described in the proxy statement. The fourth item of business is the ratification of the appointment of PricewaterhouseCoopers as the independent registered public accounting firm of the company for fiscal 2021. If any stockholder would like to make a comment regarding any of the items, please submit your comment through the web portal. It is now 9:05 Pacific Time on January 14, and the polls are now open for a minute. Any stockholder who hasn't yet voted or wishes to change their vote, may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. I will pause for approximately 1 minute, so those that may want to cast a vote, may do so. [Voting]

Now that everybody has had the opportunity to vote, I now declare the polls for the 2020 Annual Stockholder Meeting closed. We have been informed by the Inspector of Election that the preliminary vote report shows that the nominees for election to the Board have been duly elected. The compensation of named executive officers has been approved. The amended and restated 2007 equity incentive plan has been approved and the appointment of PricewaterhouseCoopers as the independent registered public accounting firm of the company for fiscal 2021 has been ratified. We will be reporting the final vote results in a Form 8-K to be filed within 4 business days. There being no other formal business to be presented, I now declare the meeting adjourned. Thank you for attending Micron's Fiscal 2020 Annual Meeting of Shareholders.

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.