By Larkin Street Youth Services
Broadcom Inc. is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Kirsten Spears joined the company in May 2014 when it acquired LSI Corp., the semiconductor and software company where she had served as vice president and corporate controller. Spears became vice president and chief financial officer in December 2020 and is now responsible for all areas of finance, including planning, funding and integration for acquisitions.
President and CEO Hock Tan described her as an invaluable member of the management team when he announced the promotion of Spears and others. “With this strong group of leaders, we look forward to building on our outstanding track record of shareholder value creation.”
Acquisitions have played an important role in Broadcom’s growth. One of its most transformational was the purchase of VMware Inc., which gave Broadcom a hybrid-cloud portfolio that helps enterprises move faster and more flexibly. Broadcom announced the deal in May 2022 and closed on it in November 2023 for approximately $86.3 billion in cash and stock.
Since then, Broadcom has continued to invest in VMware Cloud Foundation, a software stack that serves as the foundation of private and hybrid clouds. In August 2024, the company announced the newest iteration, VMware Cloud Foundation 9.
The acquisition is having a positive impact on the company’s financials. In a press release issued along with the company’s third-quarter 2024 financials, Spears said, “Consolidated revenue grew 47% year-over-year to $13.1 billion, including the contribution from VMware, and was up 4% year-over-year, excluding VMware. Adjusted EBITDA increased 42% year-over-year to $8.2 billion. Free cash flow, excluding restructuring and integration in the quarter, was $5.3 billion, up 14% year-over-year.”
The company has also completed a ten-for-one stock split of Broadcom’s common stock, a move Spears described as an effort to make ownership of the company’s stock “more accessible to investors and employees.”
Kirsten Spears, Broadcom Inc.
TITLE: Vice President and Chief Financial Officer
TENURE: December 2020 to present
BACKGROUND: LSI Corp., PricewaterhouseCoopers, Raych-em, Bank of America
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