Methode Electronics Appoints New CFO, John D. Moran
Ticker: MEI · Form: 8-K · Filed: May 7, 2024 · CIK: 65270
| Field | Detail |
|---|---|
| Company | Methode Electronics Inc (MEI) |
| Form Type | 8-K |
| Filed Date | May 7, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.50, $70,000, $1.4 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Methode Electronics just hired a new CFO, John D. Moran, starting May 6th. He's getting $425k base + bonus + stock.
AI Summary
On May 1, 2024, Methode Electronics, Inc. announced the appointment of John D. Moran as its new Chief Financial Officer, effective May 6, 2024. Moran will receive an annual base salary of $425,000 and will be eligible for a discretionary annual bonus. He will also receive a grant of 50,000 restricted stock units, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $425,000 — CFO Base Salary (Annual base salary for the new CFO, John D. Moran.)
- 50,000 — Restricted Stock Units (Grant of RSUs to the new CFO, vesting over three years.)
Key Players & Entities
- Methode Electronics, Inc. (company) — The company filing the report.
- John D. Moran (person) — Newly appointed Chief Financial Officer.
- $425,000 (dollar_amount) — John D. Moran's annual base salary.
- May 1, 2024 (date) — Date of the earliest event reported.
- May 6, 2024 (date) — Effective date of John D. Moran's appointment.
- 50,000 (dollar_amount) — Number of restricted stock units granted to John D. Moran.
FAQ
Who has been appointed as the new Chief Financial Officer of Methode Electronics, Inc.?
John D. Moran has been appointed as the new Chief Financial Officer.
When is John D. Moran's appointment as CFO effective?
John D. Moran's appointment is effective May 6, 2024.
What is the annual base salary for the new CFO?
The annual base salary for John D. Moran is $425,000.
What equity compensation is John D. Moran receiving?
John D. Moran will receive a grant of 50,000 restricted stock units, vesting over three years.
What other compensation is John D. Moran eligible for?
John D. Moran will be eligible for a discretionary annual bonus.
Filing Stats: 897 words · 4 min read · ~3 pages · Grade level 11.2 · Accepted 2024-05-06 19:08:24
Key Financial Figures
- $0.50 — nge on which registered Common Stock, $0.50 Par Value MEI New York Stock Exchan
- $70,000 — artners an additional consulting fee of $70,000 per week, and has also agreed to indemn
- $1.4 million — any has paid AlixPartners approximately $1.4 million for consulting services to date. Future
Filing Documents
- mei-20240501.htm (8-K) — 45KB
- mei-ex99_1.htm (EX-99.1) — 19KB
- img126477044_0.jpg (GRAPHIC) — 5KB
- 0000950170-24-053787.txt ( ) — 185KB
- mei-20240501.xsd (EX-101.SCH) — 23KB
- mei-20240501_htm.xml (XML) — 4KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. A copy of the press release regarding these matters is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01 Other Events
Item 8.01 Other Events. Following the resignation of Mr. Avula, the Board of Directors decreased the size of the Board from eleven members to ten. The Board of Directors also appointed Mark Schwabero, an independent director, to the role of Vice Chairman of the Board.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. d) Exhibits: Exhibit Number Description 99.1 Press Release of Methode Electronics, Inc. dated May 6, 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: May 6, 2024 By: /s/ Kerry A. Vyverberg Kerry A. Vyverberg General Counsel