Marvell Technology, Inc. filed a Form 8-K on November 12, 2026, disclosing that its Board of Directors approved the expansion of the board from seven to ten members and appointed Donna C. Morris, Douglas R. Bettinger, and Sasan K. Goodarzi as directors, each effective November 12, 2026.

Key Highlights

  • Board expanded: The Board increased its size from seven to ten members, according to the filing.
  • Three new directors appointed: Donna C. Morris, Douglas R. Bettinger, and Sasan K. Goodarzi joined the Board effective November 12, 2026.
  • Committee assignments: Morris and Goodarzi were appointed to the Executive Compensation Committee; Bettinger was appointed to the Audit Committee.
  • Bettinger named audit committee financial expert: The Board determined that Bettinger qualifies as an "audit committee financial expert" as defined in Item 407(d)(5) of Regulation S-K.
  • Annual compensation: Each new director will receive an annual retainer of $100,000 and an annual equity grant of restricted stock units valued at $250,000, plus applicable committee fees.
  • Prorated RSU grants issued: Upon joining the Board, each director received a prorated restricted stock unit award that will vest on the date of the 2027 annual meeting of stockholders.
  • All three deemed independent: The Board determined that each of Morris, Bettinger, and Goodarzi is an "independent director" under applicable SEC rules and NASDAQ listing requirements.

Marvell Technology Expands Board to Ten with Three New Independent Directors

According to the Form 8-K filed with the SEC, Marvell Technology, Inc. (NASDAQ:MRVL) disclosed that on November 11, 2026, its Board of Directors approved expanding the board from seven to ten members. The three newly appointed directors are Donna C. Morris, Douglas R. Bettinger, and Sasan K. Goodarzi, each effective November 12, 2026. All three will stand for election at the Company's 2027 annual meeting of stockholders.

The filing provides background on each appointee. Morris, age 59, is Executive Vice President and Chief People Officer of Walmart Inc., a position she has held since February 2020. She previously served as a director of Marvell Technology Group Ltd., the Company's predecessor, from May 2018 until July 2020. Bettinger, age 59, is Executive Vice President and Chief Financial Officer of Lam Research Corporation, a role he has held since 2013, and previously served as CFO of Avago Technologies (now Broadcom Inc.) from 2008 to 2013. The Board determined that Bettinger satisfies the additional audit committee independence requirements of Rule 10A-3 and Nasdaq Listing Rule 5605(c)(2)(A). Goodarzi, age 58, has served as President and Chief Executive Officer and a member of the board of Intuit Inc. since January 2019, and as Chairman of its board since January 2026.

The filing states that each new director will participate in the Company's standard non-employee director compensation programs, including an annual retainer of $100,000 and an annual restricted stock unit grant valued at $250,000. Morris and Goodarzi will each receive an annual Executive Compensation Committee member fee of $10,000, while Bettinger will receive an annual Audit Committee member fee of $15,000. The filing also states that the Company expects to enter into its standard form of indemnification agreement with each of the three directors. The filing confirms there are no family relationships or reportable transactions under Item 404(a) of Regulation S-K between any of the new directors and the Company.

What Was Disclosed

Marvell Technology's Form 8-K reported the Board's approval of a size increase from seven to ten members and the appointment of three new independent directors, along with their committee assignments, compensation terms, and professional backgrounds, effective November 12, 2026.