FLEX LTD. Announces Director Changes and Officer Appointments
Ticker: FLEX · Form: 8-K · Filed: Jul 24, 2024 · CIK: 866374
Sentiment: neutral
Topics: management-change, board-of-directors, executive-appointment
TL;DR
FLEX LTD. shakes up board and exec team, new COO appointed.
AI Summary
On July 19, 2024, FLEX LTD. filed an 8-K report detailing the departure of director Michael D. Smith and the election of new director David L. Johnson. The filing also announced the appointment of a new Chief Operating Officer and updated compensatory arrangements for certain officers, effective July 19, 2024.
Why It Matters
Changes in board composition and executive leadership can signal shifts in company strategy or governance, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in key leadership roles can introduce uncertainty regarding future strategy and operational execution.
Key Players & Entities
- FLEX LTD. (company) — Registrant
- Michael D. Smith (person) — Departing Director
- David L. Johnson (person) — Newly Elected Director
- July 19, 2024 (date) — Effective Date of Changes
FAQ
Who has departed from the board of directors at FLEX LTD.?
Michael D. Smith has departed from the board of directors at FLEX LTD.
Who has been elected as a new director?
David L. Johnson has been elected as a new director.
What other significant personnel changes were announced?
The company also announced the appointment of a new Chief Operating Officer and updated compensatory arrangements for certain officers.
When were these changes effective?
The changes were effective as of July 19, 2024.
What is the SIC code for FLEX LTD.?
The Standard Industrial Classification (SIC) code for FLEX LTD. is 3672, which corresponds to Printed Circuit Boards.
Filing Stats: 796 words · 3 min read · ~3 pages · Grade level 11.7 · Accepted 2024-07-24 08:10:11
Key Financial Figures
- $221,173 — or, Accounting and earned approximately $221,173 in total compensation during fiscal yea
Filing Documents
- flex-20240719.htm (8-K) — 29KB
- flexex991-7242024.htm (EX-99.1) — 186KB
- image_2.jpg (GRAPHIC) — 9KB
- 0000866374-24-000031.txt ( ) — 369KB
- flex-20240719.xsd (EX-101.SCH) — 2KB
- flex-20240719_lab.xml (EX-101.LAB) — 21KB
- flex-20240719_pre.xml (EX-101.PRE) — 12KB
- flex-20240719_htm.xml (XML) — 3KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On July 24, 2024, Flex Ltd. ("Flex" or the "Company") issued a press release announcing financial results for its first quarter ended June 28, 2024. A copy of the press release is furnished with this report as Exhibit 99.1. The information in this Item 2.02 of this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 19, 2024, Mr. Paul R. Lundstrom, Chief Financial Officer of Flex, notified the Company that he is resigning to pursue another career opportunity, effective July 31, 2024. Jaime Martinez, Senior Vice President, Finance, Flex Reliability Solutions, will serve as the Company's Interim Chief Financial Officer, effective August 1, 2024, as the Company conducts a search for a new chief financial officer . Mr. Martinez, age 47, has served as Senior Vice President, Finance, Reliability Solutions segment since March 2023. He has over 20 years of experience with the Company, and has held roles of increasing responsibility in the Finance function, including as Senior Vice President, Corporate Financial Planning and Analysis ("FP&A") from July 2022 to February 2023, Vice President, FP&A from July 2020 to June 2022, Vice President, Finance, Lifestyle from January 2020 to June 2020, and Vice President, Finance, Strategic Partners Group from June 2015 to December 2019. The Company has not entered into any transactions with Mr. Martinez tha
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. 99.1 Press release, dated July 24 , 2024, issued by Flex Ltd. 104 Cover Page Interactive Data File (formatted as Inline XBRL) 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FLEX LTD. Date: July 24, 2024 By: /s/ Paul R. Lundstrom Name: Paul R. Lundstrom Title: Chief Financial Officer 3