Gates Industrial Appoints New CFO, Williams from Aptiv

TL;DR

Gates Industrial names Jeffrey Williams (ex-Aptiv CFO) as new CFO, effective Sept 3. Hall moves to advisory role.

AI Summary

On August 15, 2024, Gates Industrial Corporation plc announced the appointment of Jeffrey L. Williams as its new Chief Financial Officer, effective September 3, 2024. Williams will succeed David R. Hall, who will transition to a senior advisory role until his retirement on March 31, 2025. Williams previously served as CFO of Aptiv PLC, a global automotive technology company.

Why It Matters

The appointment of a new CFO can signal strategic shifts or a focus on financial performance, impacting investor confidence and the company's financial direction.

Risk Assessment

Risk Level: low — This filing reports a routine executive appointment and transition, which typically carries low inherent risk.

Key Players & Entities

• Gates Industrial Corporation plc (company) — Company making the announcement
• Jeffrey L. Williams (person) — Newly appointed Chief Financial Officer
• September 3, 2024 (date) — Effective date of new CFO's appointment
• David R. Hall (person) — Outgoing Chief Financial Officer
• March 31, 2025 (date) — Retirement date of outgoing CFO
• Aptiv PLC (company) — Previous employer of new CFO

FAQ

Key Financial Figures

• $0.01 — e on which registered Ordinary Shares, $0.01 par value per share GTES New York Stock
• $125 million — group Global Markets Inc. to repurchase $125 million of ordinary shares at a price per share

Filing Documents

• gtes-20240815.htm (8-K) — 30KB
• 0001718512-24-000073.txt ( ) — 161KB
• gtes-20240815.xsd (EX-101.SCH) — 2KB
• gtes-20240815_def.xml (EX-101.DEF) — 3KB
• gtes-20240815_lab.xml (EX-101.LAB) — 23KB
• gtes-20240815_pre.xml (EX-101.PRE) — 14KB
• gtes-20240815_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. On August 16, 2024, the Company announced the pricing of an underwritten secondary offering (the "Offering") of 20,000,000 ordinary shares, par value $0.01 per share, of the Company by certain selling stockholders affiliated with Blackstone Inc. (the "Selling Stockholders"). The Offering priced after market close on August 15, 2024. In connection with the Offering, the Selling Stockholders granted the several underwriters of the Offering (the "Underwriters") a 30-day option to purchase up to an aggregate of 3,000,000 additional ordinary shares, which option was exercised in full on August 16, 2024. The Offering, including the shares sold pursuant to the Underwriters' option, is expected to close on August 21, 2024, subject to customary closing conditions. The Company will not receive any of the proceeds from the sale of the ordinary shares being offered by the Selling Stockholders, but will bear certain expenses incident to the Offering (excluding underwriting discounts and commissions). As previously announced, in connection with its existing share repurchase program, the Company has entered into a share repurchase contract with Citigroup Global Markets Inc. to repurchase $125 million of ordinary shares at a price per share equal to the price paid by the Underwriters in the Offering, for a total of 7,539,203 ordinary shares, and has advised Citigroup Global Markets Inc. to purchase such shares from the Selling Stockholders. The share repurchase is expected to be consummated promptly following the Offering and is conditioned upon the closing of the Offering. In addition, one of our directors has agreed to purchase ordinary shares in the Offering.

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. GATES INDUSTRIAL CORPORATION PLC By: /s/ L. Brooks Mallard Name: L. Brooks Mallard Title: Chief Financial Officer Date:August 20, 2024

View Full Filing

View this 8-K filing on SEC EDGAR