Applied Materials shares decline as company names new CFO
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Amid a broader market sell-off, Applied Materials (NASDAQ:AMAT) shares fell more than 4% on Monday as the chip equipment maker announced that Brice Hill would be its new finance chief.
Hill, 55, comes to Applied Materials (AMAT) from Xilinx, where he served as CFO during that company's $50 billion acquisition by Advanced Micro Devices
(NASDAQ:AMD). Prior to Xilinx, Hill was a finance leader of many of Intel's (NASDAQ:INTC) largest businesses and functions.

Hill took over for Applied Materials (AMAT) interim CFO Bob Halliday, who is set to go back to a previous role as corporate vice president and advisor at the chip-equipment maker.
âThe semiconductor industry has never been more important to the global economy," Hill said in a statement announcing his new position, noting Applied Materials (AMAT) as a company "whose technologies bring performance and innovation to the worldâs leading chipmakers."
Applied Materials was mentioned as one of the companies that could benefit from a "re-shoring" of the semiconductor industry, according to Bank of America.