Mui Sung Yeo
KULICKE & SOFFA INDUSTRIESAbout Mui Sung Yeo
Independent director of Kulicke & Soffa Industries, Inc. (KLIC), age 66, serving since 2012; current term through 2028. Former CFO/Chief Risk Officer of MediaCorp (2007–2014), Managing Director at Omeyon Pte Ltd (2016–Sep 2023), and CFO/Group VP at United Test & Assembly Center (UTAC) (1999–2007). Holds a B.S. in Business Administration (Accounting) from the University of San Francisco; designated an Audit Committee financial expert and maintains independence under Nasdaq and SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Omeyon Pte Ltd | Managing Director | Mar 2016–Sep 2023 | Management consulting leadership |
| MediaCorp Pte Ltd | Chief Campus Officer | Aug 2014–Mar 2016 | Operational oversight at national broadcaster |
| MediaCorp Pte Ltd | Chief Risk Officer & Chief Financial Officer | 2007–2014 | Enterprise risk and finance leadership |
| Singapore Media Academy | Executive Chairman | 2012–2016 | Professional development in media |
| MediaCorp Vizpro International | Executive Chairman | 2013–2015 | Live entertainment partnerships |
| United Test & Assembly Center Ltd. (UTAC) | CFO & Group VP | Oct 1999–Sep 2007 | Semiconductors, 22 years industry experience cited |
| F&N Coca Cola; Baxter Healthcare; Archive Singapore; Texas Instruments | Various | Prior roles | Early finance/operations foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No current public company directorships disclosed for Yeo in KLIC proxy |
Board Governance
- Independence and expertise: Board has determined Yeo is independent; she is an Audit Committee financial expert under SEC rules .
- Committee assignments (FY2024):
- Management Development & Compensation Committee (Chair): met 5 times; all members independent; FW Cook engaged as independent advisor .
- Audit Committee (Member): met 9 times; all members independent; financial risk oversight and auditor independence .
- Board cadence and engagement: Board met 6 times; held 9 executive sessions; all directors attended the 2024 annual meeting .
- Tenure: 13 years at K&S as of Jan 1, 2025 (board matrix) .
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Cash fees (FY2024) | $97,500 | Board retainer $65,000 + Comp Chair $20,000 + Audit member $12,500 |
| Equity (FY2024 grant date fair value) | $179,902 | Director equity paid quarterly ($180,000 target) |
| Total (FY2024) | $277,402 | No meeting fees; practice unchanged from FY2023 |
| Non-employee director annual comp cap | $500,000 | Plan limit (cash + equity), exceptions possible for non-exec Chair |
Performance Compensation
Directors do not receive performance-based pay; however, as Compensation Chair, Yeo oversees executive incentive structures. Key plan metrics and FY outcomes:
| Metric | FY2023 Target | FY2023 Actual | FY2023 Payout Basis | FY2024 Target | FY2024 Actual (Adj.) | FY2024 Payout Basis |
|---|---|---|---|---|---|---|
| Net Income (NI, $M) | 183.4 | 70.1 (after partial adjustments) | 35.3% ICP payout | 114.8 | 38.6 (excl. one-time charges) | Committee-set 20.0% to preserve thresholds |
| Operating Margin (OM, %) | 17.4% | 7.1% (adjusted) | 35.3% ICP payout | 11.8% | 3.6% (excl. one-time charges) | 20.0% payout (threshold management) |
| PSU Metric | Performance Cycle | rTSR Percentile | PSU Payout |
|---|---|---|---|
| Relative TSR vs GICS Semiconductor Index | FY2022–FY2024 | 47th percentile | 95% of target |
| Relative TSR vs GICS Semiconductor Index | FY2021–FY2023 | 83rd percentile | 166% of target |
| Relative TSR vs GICS Semiconductor Index | FY2020–FY2022 | 69th percentile | 138% of target |
| PSU Metric | Performance Cycle | 3-Year Organic Revenue Growth | Outperformance vs Direct Competitors | PSU Payout |
|---|---|---|---|---|
| Organic Revenue Growth | FY2022–FY2024 | (19)% | 1 of 6 periods | 8% of target |
| Organic Revenue Growth | FY2021–FY2023 | 31% | 3 of 6 periods | 200% of target |
- Structural change: Organic Revenue Growth metric was eliminated for PSU grants starting FY2024; PSUs now solely rTSR-based with maximum at 85th percentile and cap at target if absolute TSR is negative .
Other Directorships & Interlocks
| Item | Status |
|---|---|
| Compensation committee interlocks | None; no member was an officer; no interlocking relationships with other issuers |
| Related party transactions (Reg S-K 404) | None in FY2024; audit policy generally prohibits related party transactions |
Expertise & Qualifications
- Financial leadership: ~16 years as CFO across large technology/media businesses; ~22 years semiconductor industry experience .
- Governance training: Stanford Directors’ College (2014); Harvard Business School (Compensation Committees, 2015); NACD Technology Symposium (2018) .
- Audit Committee financial expert designation under SEC rules .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Date Reference |
|---|---|---|---|
| Mui Sung Yeo | 92,149 | <1% | Record date 12/9/2024 |
| Mui Sung Yeo (post-Form 4, latest) | 96,789 | <1% | Filing 10/07/2025 |
- Director stock ownership guideline: Minimum $195,000 market value (3x board retainer) within five years; all directors met guideline in FY2024; 50% retention of awards until guideline met .
- Hedging/pledging: Prohibited; no margin purchases or pledging by directors/executives .
Insider Trades
Quarterly director grants/accretions consistent with policy; all transactions reported as awards (no open-market sales observed):
| Transaction Date | Form 4 Type | Shares Acquired | Post-Transaction Ownership | SEC Filing |
|---|---|---|---|---|
| 2023-01-03 | A (Award) | 919 | 85,989 | |
| 2023-04-03 | A (Award) | 760 | 86,749 | |
| 2023-07-03 | A (Award) | 767 | 87,516 | |
| 2023-10-02 | A (Award) | 931 | 88,447 | |
| 2024-01-02 | A (Award) | 853 | 89,300 | |
| 2024-04-01 | A (Award) | 891 | 90,191 | |
| 2024-07-01 | A (Award) | 933 | 91,124 | |
| 2024-10-01 | A (Award) | 1,025 | 92,149 | |
| 2025-01-02 | A (Award) | 956 | 93,105 | |
| 2025-04-01 | A (Award) | 1,343 | 94,448 | |
| 2025-07-01 | A (Award) | 1,260 | 95,708 | |
| 2025-10-06 | A (Award) | 1,081 | 96,789 |
Governance Assessment
-
Positives:
- Independence and Audit Committee financial expertise support robust oversight of financial reporting and compensation .
- Clear, market-aligned director pay structure with strong ownership guidelines and anti-hedging/pledging policies; no related-party transactions in FY2024; no compensation committee interlocks .
- Shareholder support for pay practices (say-on-pay approvals: 98.3% in 2023; 98.2% in 2024), indicating confidence in Compensation Committee leadership .
-
Watch items:
- Elimination of Organic Revenue Growth in PSUs from FY2024 simplifies performance linkage to rTSR; while common, it places greater emphasis on market-relative outcomes versus operating metrics; committee narrative suggests search for alternative controllable metrics, which is prudent .
- FY2024 ICP payout reduced to 20% despite adjusted thresholds—Committee’s conservative application preserved NI/OM thresholds after an impairment event, consistent with risk-mitigation and shareholder alignment .
-
Overall: Yeo’s long-tenured finance and semiconductor background, combined with committee leadership and independent posture, are supportive of board effectiveness. Ongoing evaluation of PSU metrics will be an area to monitor for maintaining balanced pay-for-performance alignment .