Marvell Technology's outgoing CFO Willem Meintjes filed late Monday to sell 211,329 shares worth $65.3 million at the company's Monday closing price, according to Form 144 ownership reports. The filing follows Marvell's announcement last week that Meintjes was departing and former Adobe CFO Dan Durn would assume the finance chief role on Monday. The stock declined 0.4% in early premarket trading Tuesday, retreating after over 10% gains the previous day, as the AI chip company trades near an all-time high following a 264% year-to-date rally.
Marvell Appoints Dan Durn as CFO, Grants RSUs to Leadership
Marvell appointed former Adobe CFO Dan Durn as its finance chief on Monday, replacing Willem Meintjes. Meintjes will serve as an advisor to Marvell through April next year, according to company filings. The Form 144 filing for Meintjes' proposed sale represents a notice of intended sale and does not confirm the shares have been sold. Meintjes owns 227,037 shares, he disclosed.
Durn received 3,940 shares when restricted stock units vested and was granted three new RSU awards totaling 77,631 units that will vest over future years, according to the filings. Directors Tudor Brown, Richard Wallace, Brad Buss, and Marachel Knight each received 3,940 shares through RSU vesting.
Marvell Reports Strong AI-Driven Growth in Fiscal Q1
Marvell's fiscal first-quarter revenue and profit as well as the forecast for the current quarter came in higher than analysts' expectations, according to results issued on May 27. CEO Matt Murphy stated at the time, "We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell's revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter."
The stock has gained 264% year to date and currently trades near an all-time high. Last month, the stock moved higher after Nvidia CEO Jensen Huang endorsed the chipmaker as the "next trillion-dollar company" at the Computex conference in Taiwan. In March, Nvidia invested $2 billion in Marvell as part of a partnership to integrate Marvell's custom AI chips, networking gear, and silicon photonics technology into Nvidia's NVLink Fusion ecosystem.
Retail Sentiment Shifts to Neutral on Stocktwits
On Stocktwits, retail sentiment for MRVL shifted to 'neutral' from 'bullish' the previous day, amid ongoing debate over the durability of the stock rally. One user questioned, "$MRVL what catalysts remain for this company to go higher?"
FAQ
What did Willem Meintjes file to sell on Monday?
Willem Meintjes filed to sell 211,329 Marvell Technology shares worth $65.3 million at the company's Monday closing price. The Form 144 filing is a notice of intended sale and does not confirm the shares have been sold.
Who replaced Willem Meintjes as Marvell's CFO?
Former Adobe CFO Dan Durn replaced Willem Meintjes as Marvell's chief financial officer on Monday. Meintjes will serve as an advisor to Marvell through April next year.
How did Marvell's fiscal first-quarter results compare to expectations?
Marvell's fiscal first-quarter revenue and profit as well as the forecast for the current quarter came in higher than analysts' expectations, according to results issued on May 27.
