Rebeca Obregon Jimenez
FORMFACTORAbout Rebeca Obregon Jimenez
Independent director at FormFactor, Inc. (FORM) since September 2019; age 56 as of the proxy record date . Currently Senior Vice President, Strategic Business Engagements and Supplier Management at Avnet; previously Corporate Vice President and Senior Vice President roles at Amkor Technology, with earlier engineering and operations leadership at Integrated Device Technology, Integrated Circuit Systems, and Motorola . Education includes an M.S. in Electrical Engineering (National Technological University) and a B.S. in Electrical Engineering (Arizona State University) . Board skills assessed at Related Industry, Sales & Marketing, and Engineering & Product Development .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Motorola (Semiconductor Products Sector) | Engineering roles of increasing responsibility | Jun 1990–May 1999 | Engineering foundation across semiconductor product lifecycle |
| Integrated Circuit Systems; Integrated Device Technology | Test operations, test engineering, product engineering; senior management | May 1999–Aug 2014 | Built test/manufacturing operations and product engineering capabilities |
| Amkor Technology | Corporate VP, Advanced System‑in‑Package BU; Corporate VP of Sales; SVP roles in sales, strategic program management, operations finance | Aug 2014–Dec 2022 | Semiconductor packaging/test leadership; customer demand drivers and global supplier base depth |
External Roles
| Organization | Role | Public Company Board? | Notes |
|---|---|---|---|
| Avnet | SVP, Strategic Business Engagements & Supplier Management | Not disclosed | Global leader in design, supply and delivery of electronic components |
| Other public company directorships | — | None disclosed | No other public boards listed for Ms. Obregon Jimenez in FORM’s proxy |
Board Governance
- Committee assignments: Member, Compensation Committee; not listed on Audit or Governance & Nominating Committees .
- Committee chair roles: None; Compensation Committee chaired by Kelley Steven‑Waiss .
- Independence: Board determined she is independent under Nasdaq/SEC rules .
- Attendance: Board held 5 meetings in FY2024; each director attended at least 75% of Board/committee meetings on which they served .
- Board leadership: Independent Chairperson (Thomas St. Dennis) serving as lead independent director per Corporate Governance Guidelines .
- Ownership guidelines: Non‑employee directors must hold ≥5,000 shares or shares equal to ≥3x the annual cash retainer; all non‑employee directors were in compliance as of April 2, 2025 .
- Related party oversight: Governance & Nominating Committee reviews related person transactions and director independence; none required disclosure from FY2024 to present .
Fixed Compensation (Director)
| Metric | FY2024 | Notes |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $60,000 | Includes annual retainer and committee member fees per policy |
| Stock Awards ($) | $213,258 | RSUs; ASC 718 grant-date fair value |
| Total ($) | $273,258 | Sum of cash and equity |
| Policy – Annual Cash Retainers | Director $52,500; Board Chair $50,000; Audit Chair $22,000; Compensation Chair $15,000; Other chairs $10,000 | Director‑level fee schedule |
| Policy – Committee Member Retainers | Audit $11,000; Compensation $7,500; Other committees $5,000 | Committee member fee schedule |
Performance Compensation (Director)
| Equity Grant Term | Detail | Notes |
|---|---|---|
| Annual RSU grant | ~$190,000 target value; vests monthly over one year; settlement at 1‑year anniversary or upon Board departure | Continuing directors received grant following 2024 annual meeting |
| 2024 RSUs granted (units) | 3,828 RSUs (awarded May 17, 2024) | 20‑day average price $49.63; grant‑date stock price $55.71 |
| Outstanding RSUs at FY2024 year end | 3,828 RSUs | Director has no stock options outstanding |
| Performance metrics | None for director awards | Director RSUs are time‑based (not performance‑based) |
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Other public company boards | None disclosed for Ms. Obregon Jimenez |
| Committee interlocks | Compensation Committee: no interlocks or insider participation; members were independent and non‑employees |
Expertise & Qualifications
- Semiconductor manufacturing, packaging/test, and supplier ecosystem expertise from Amkor and Avnet roles .
- Sales and marketing leadership; strategic program management; operations finance experience .
- Engineering and product development foundation from Motorola/IDT/ICS .
- Board‑assessed skills: Related Industry; Sales & Marketing; Engineering & Product Development .
Equity Ownership
| Item | Value | Notes |
|---|---|---|
| Beneficially owned shares | 10,279 | As of March 17, 2025 |
| RSUs outstanding (director) | 3,828 | As of December 28, 2024 |
| Shares outstanding (company) | 77,075,636 | As of record date March 17, 2025 |
| Ownership % of outstanding | ~0.013% (10,279 ÷ 77,075,636) | Calculated from disclosed counts; under 1% as per proxy table notation |
| Pledging/hedging policy | Strictly prohibits pledging or hedging company stock | |
| Guideline compliance | All non‑employee directors compliant with ownership guidelines as of April 2, 2025 |
Governance Assessment
- Board effectiveness and independence: Ms. Obregon Jimenez is independent and brings domain‑specific expertise in semiconductor packaging/test and supplier management, supporting oversight of operations and customer demand drivers; her committee role on Compensation aligns with her human capital and market insights, while the committee remains fully independent and uses an external consultant (Aon) for benchmarking .
- Attendance and engagement: Board met five times in FY2024; all directors met at least the 75% attendance threshold, indicating baseline engagement; seven of nine directors attended the 2024 annual meeting .
- Alignment and incentives: Director pay is weighted to equity via annual RSUs that vest monthly, plus modest cash retainers; Ms. Obregon Jimenez received $60,000 in cash and $213,258 in equity for FY2024, with 3,828 RSUs outstanding at year‑end, consistent with alignment practices and guideline compliance .
- Potential conflicts and related‑party exposure: Her senior role at Avnet (component distribution) and prior Amkor leadership (packaging/test services) sit adjacent to FORM’s customer/supplier ecosystem; the Governance & Nominating Committee oversees director independence and related‑party matters, and the company disclosed no related person transactions requiring SEC disclosure from FY2024 to present, mitigating conflict risk .
- Investor confidence signals: Say‑on‑pay passed with over 97% in favor at the 2024 annual meeting; executive compensation uses double‑trigger change‑of‑control terms, stock ownership guidelines, and a clawback policy aligned with SEC/Nasdaq rules, reflecting governance discipline .
RED FLAGS
- None disclosed specific to Ms. Obregon Jimenez; no related‑party transactions, no pledging/hedging permitted, and committee interlocks were absent .
- Monitoring point: Continue to assess any future FORM transactions with Avnet or Amkor against the company’s related‑party policy to preempt conflicts, with Governance & Nominating oversight .
Insider filings note: The company reported timely Section 16 compliance for directors and executive officers in FY2024 except a short delay in filing Forms 4 for RSU awards to the CEO and CFO (filed Aug 8, 2024 for Aug 5 grants); no director‑specific delinquency was disclosed .