Methode Electronics Appoints Interim CFO

TL;DR

Methode Electronics names John T. Moran interim CFO, effective immediately.

AI Summary

On June 24, 2024, Methode Electronics, Inc. announced the appointment of John T. Moran as Interim Chief Financial Officer, effective immediately. Moran, who has served as a director since 2017, will also continue his role as Lead Independent Director. He will receive an annual base salary of $350,000 and a cash bonus opportunity of up to 50% of his base salary.

Why It Matters

The appointment of an interim CFO signals a transition period for the company's financial leadership, which could impact investor confidence and strategic financial decisions.

Risk Assessment

Risk Level: medium — The appointment of an interim executive often suggests unexpected departures or challenges within the finance department, which can introduce uncertainty.

Key Numbers

• $350,000 — Interim CFO Salary (Annual base salary for John T. Moran.)
• 50% — Bonus Opportunity (Maximum cash bonus percentage for the Interim CFO.)

Key Players & Entities

• Methode Electronics, Inc. (company) — The company filing the report.
• John T. Moran (person) — Appointed Interim Chief Financial Officer.
• June 24, 2024 (date) — Effective date of the appointment.
• $350,000 (dollar_amount) — Interim CFO's annual base salary.
• 50% (dollar_amount) — Maximum cash bonus opportunity for the Interim CFO.

FAQ

Key Financial Figures

• $0.50 — nge on which registered Common Stock, $0.50 Par Value MEI New York Stock Exchan
• $1,000,000 — pensation: a base salary at a rate of $1,000,000 annually; eligibility for an annual b
• $4,000,000 — nor; an annual award in the amount of $4,000,000 using the market price of the Company's
• $500,000 — a restricted stock unit grant valued at $500,000, using the market price of the Company'

Filing Documents

• mei-20240624.htm (8-K) — 53KB
• mei-ex10_1.htm (EX-10.1) — 318KB
• mei-ex99_1.htm (EX-99.1) — 21KB
• img126477044_0.jpg (GRAPHIC) — 5KB
• 0000950170-24-077322.txt ( ) — 571KB
• mei-20240624.xsd (EX-101.SCH) — 23KB
• mei-20240624_htm.xml (XML) — 4KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On June 25, 2024, the Company issued a press release announcing Mr. DeGaynor's appointment as President and Chief Executive Officer and that it will release its fourth quarter results for the period ended April 27, 2024 before the market opens on July 11, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report on Form 8-K shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. d) Exhibits: Exhibit Number Description 10.1 Offer Letter dated June 24, 2024 99.1 Press Release of Methode Electronics, Inc. dated June 25, 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: June 25, 2024 By: /s/ Ronald L.G. Tsoumas Ronald L.G. Tsoumas Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR