Methode Electronics Announces Director Departure and Officer Changes
Ticker: MEI · Form: 8-K · Filed: Apr 8, 2024 · CIK: 65270
| Field | Detail |
|---|---|
| Company | Methode Electronics Inc (MEI) |
| Form Type | 8-K |
| Filed Date | Apr 8, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.50, $12,000, $50,000, $200,000, $400,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-departure, officer-appointment, governance
TL;DR
Methode Electronics board shake-up: Director Evans out, new execs in.
AI Summary
On April 8, 2024, Methode Electronics, Inc. filed an 8-K report detailing the departure of Director John D. Evans, effective April 5, 2024. The filing also announced the election of new directors and the appointment of new officers, along with updates to compensatory arrangements for certain executives.
Why It Matters
Changes in board composition and executive appointments can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Director departures and executive changes can introduce uncertainty regarding leadership stability and strategic direction.
Key Players & Entities
- John D. Evans (person) — Departing Director
- Methode Electronics, Inc. (company) — Registrant
- April 8, 2024 (date) — Filing Date
- April 5, 2024 (date) — Effective Date of Director Departure
FAQ
Who is John D. Evans and what was his role at Methode Electronics?
John D. Evans was a Director at Methode Electronics, Inc. His departure was effective April 5, 2024.
What other significant events are reported in this 8-K filing?
The filing also reports on the election of new directors and the appointment of certain officers, as well as updates to compensatory arrangements for certain officers.
When was this 8-K report filed with the SEC?
This 8-K report was filed on April 8, 2024.
What is Methode Electronics' principal executive office address?
Methode Electronics, Inc.'s principal executive offices are located at 8750 West Bryn Mawr Avenue, Suite 1000, Chicago, Illinois 60631-3518.
What is Methode Electronics' telephone number?
Methode Electronics, Inc.'s telephone number, including area code, is (708) 867-6777.
Filing Stats: 1,647 words · 7 min read · ~5 pages · Grade level 12.3 · Accepted 2024-04-08 16:15:10
Key Financial Figures
- $0.50 — nge on which registered Common Stock, $0.50 Par Value MEI New York Stock Exchan
- $12,000 — paid a consulting fee in the amount of $12,000 per month, prorated for any partial mon
- $50,000 — paying AlixPartners LLP a weekly fee of $50,000, plus reasonable expenses, for Mr. Rawd
- $200,000 — he maximum amount to be reimbursed from $200,000 to $400,000. The foregoing descriptio
- $400,000 — mount to be reimbursed from $200,000 to $400,000. The foregoing description of the Off
Filing Documents
- mei-20240408.htm (8-K) — 59KB
- mei-ex10_1.htm (EX-10.1) — 160KB
- mei-ex10_2.htm (EX-10.2) — 73KB
- mei-ex10_3.htm (EX-10.3) — 11KB
- mei-ex99_1.htm (EX-99.1) — 11KB
- img126477044_0.jpg (GRAPHIC) — 5KB
- 0000950170-24-042613.txt ( ) — 480KB
- mei-20240408.xsd (EX-101.SCH) — 23KB
- mei-20240408_htm.xml (XML) — 4KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. A copy of the press release regarding certain of these matters is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. d) Exhibits: Exhibit Number Description 10.1 Retention and Consulting Agreement dated April 8, 2024 between Methode Electronics, Inc. and Ronald Tsoumas 10.2 Executive Severance and Retention Agreement dated April 8, 2024 between Methode Electronics, Inc. and Avinash Avula 10.3 Offer Letter Amendment dated April 8, 2024 between Methode Electronics, Inc. and Avinash Avula 99.1 Press Release of Methode Electronics, Inc. dated April 8, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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 thereunto duly authorized. Methode Electronics, Inc. Date: April 8, 2024 By: /s/ Ronald L.G. Tsoumas Ronald L.G. Tsoumas Chief Financial Officer