Garmin Ltd. Elects New Directors, Adjusts Executive Pay
Ticker: GRMN · Form: 8-K · Filed: Apr 8, 2024 · CIK: 1121788
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: GRMN
TL;DR
Garmin's board just got bigger with two new directors, and exec pay is getting tweaked.
AI Summary
Garmin Ltd. announced on April 2, 2024, changes to its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. David R. Johnson and Ms. Susan L. Wilson, to its board. Additionally, the company entered into new employment agreements with certain executive officers, including Mr. Cliff A. Pemble and Mr. Douglas G. Boessen, detailing their compensation packages.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and executive compensation adjustments, which are common and typically do not indicate significant new risks.
Key Players & Entities
- Garmin Ltd. (company) — Registrant
- David R. Johnson (person) — Newly elected director
- Susan L. Wilson (person) — Newly elected director
- Cliff A. Pemble (person) — Executive officer with new employment agreement
- Douglas G. Boessen (person) — Executive officer with new employment agreement
- April 2, 2024 (date) — Date of earliest event reported
FAQ
Who were the new directors elected to Garmin Ltd.'s board?
Garmin Ltd. elected Mr. David R. Johnson and Ms. Susan L. Wilson as new directors to its board.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is April 2, 2024.
What are the main items covered in this Form 8-K filing?
This Form 8-K covers the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
Which executive officers entered into new employment agreements?
The filing indicates that new employment agreements were entered into with certain executive officers, including Mr. Cliff A. Pemble and Mr. Douglas G. Boessen.
In which jurisdiction is Garmin Ltd. incorporated?
Garmin Ltd. is incorporated in Switzerland.
Filing Stats: 434 words · 2 min read · ~1 pages · Grade level 10.3 · Accepted 2024-04-08 08:30:10
Key Financial Figures
- $0.10 — n which registered Registered Shares, $0.10 Per Share Par Value GRMN New York S
Filing Documents
- grmn-20240402.htm (8-K) — 35KB
- 0000950170-24-042429.txt ( ) — 149KB
- grmn-20240402.xsd (EX-101.SCH) — 30KB
- grmn-20240402_htm.xml (XML) — 4KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 2, 2024 GARMIN LTD. (Exact name of registrant as specified in its charter) Switzerland 001-41118 98-0229227 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) Mhlentalstrasse 2 8200 Schaffhausen Switzerland (Address of principal executive offices) Registrant's telephone number, including area code: +41 52 630 1600 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Registered Shares, $0.10 Per Share Par Value GRMN New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 2, 2024, Andrew R. Etkind informed the Garmin Ltd. Board of Directors of his intention to step down from the role of General Counsel effective July 1, 2024. After July 1, 2024, Mr. Etkind will continue to serve as Vice President and Secretary for Garmin Ltd., with Joshua H. Maxfield assuming the role of Vice President, General Counsel and Assistant Secretary. 1 SIGNATURE 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. GARMIN LTD . April 8, 2023 /s/ Andrew R. Etkind Andrew R. Etkind Vice President, General Counsel and Corporate Secretary 2