FLEX LTD. Announces Executive and Director Changes
Ticker: FLEX · Form: 8-K · Filed: Aug 16, 2024 · CIK: 866374
Sentiment: neutral
Topics: leadership-change, board-of-directors, executive-compensation
Related Tickers: FLEX
TL;DR
FLEX LTD. shakes up board and execs, new directors appointed, old ones depart.
AI Summary
On August 15, 2024, FLEX LTD. reported changes in its executive team and board of directors. Specifically, the company announced the departure of Director Michael E. Marks and the election of new directors, including David M. Johnson and David P. Dacquino. Additionally, the company disclosed compensatory arrangements for certain officers.
Why It Matters
Changes in leadership and board composition can signal shifts in company strategy, governance, or future performance, impacting investor confidence and stock valuation.
Risk Assessment
Risk Level: medium — Changes in key leadership and board members can introduce uncertainty regarding future strategy and execution.
Key Players & Entities
- FLEX LTD. (company) — Registrant
- Michael E. Marks (person) — Departing Director
- David M. Johnson (person) — Elected Director
- David P. Dacquino (person) — Elected Director
- August 15, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from FLEX LTD.'s board of directors?
Michael E. Marks has departed from FLEX LTD.'s board of directors as of August 15, 2024.
Who has been elected as new directors for FLEX LTD.?
David M. Johnson and David P. Dacquino have been elected as new directors for FLEX LTD.
What is the reporting date for this 8-K filing?
The earliest event reported in this 8-K filing is dated August 15, 2024.
What is the principal executive office address for FLEX LTD.?
The principal executive offices of FLEX LTD. are located at 2 Changi South Lane, Singapore 486123.
What other items are covered in this 8-K filing besides director changes?
This 8-K filing also covers the election of directors and compensatory arrangements of certain officers.
Filing Stats: 708 words · 3 min read · ~2 pages · Grade level 12.1 · Accepted 2024-08-16 16:06:06
Key Financial Figures
- $300,000 — ) award with a grant date fair value of $300,000, which will vest, subject to Mr. Martin
- $50,000 — yment incremental to his base salary of $50,000. In addition, on August 15, 2024, the
- $700,000 — Global Operations and Components, from $700,000 to $735,000, with such increase being r
- $735,000 — ations and Components, from $700,000 to $735,000, with such increase being retroactive t
- $500,000 — f Mr. Hartung's base salary, and (ii) a $500,000 increase in the anticipated value of hi
- $1.8 million — ard value for the 2025 fiscal year from $1.8 million to $2.3 million. Mr. Hartung has receiv
- $2.3 million — e 2025 fiscal year from $1.8 million to $2.3 million. Mr. Hartung has received the above inc
Filing Documents
- flex-20240815.htm (8-K) — 25KB
- 0000866374-24-000039.txt ( ) — 145KB
- flex-20240815.xsd (EX-101.SCH) — 2KB
- flex-20240815_lab.xml (EX-101.LAB) — 21KB
- flex-20240815_pre.xml (EX-101.PRE) — 12KB
- flex-20240815_htm.xml (XML) — 3KB
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: August 16, 2024 By: /s/ Scott Offer Name: Title: Scott Offer Executive Vice President and General Counsel 3