TE Connectivity Appoints New Director

Ticker: TEL · Form: 8-K · Filed: 2024-09-17T00:00:00.000Z

Sentiment: neutral

Topics: board-appointment, governance

Related Tickers: TEB

TL;DR

TE Connectivity adds Michael McGarry to its board, effective Sept 11.

AI Summary

TE Connectivity Ltd. announced on September 11, 2024, the appointment of Michael M. McGarry as a new Class II director, effective immediately. McGarry, who has extensive experience in the industrial sector, will serve on the company's Audit Committee and Compensation Committee. His appointment is part of the company's ongoing efforts to strengthen its board composition.

Why It Matters

The addition of a new director with relevant industry experience can signal a strategic focus on operational improvement or governance enhancement for the company.

Risk Assessment

Risk Level: low — The filing is a routine corporate governance update regarding board appointments, with no immediate financial implications.

Key Players & Entities

FAQ

Who is Michael M. McGarry and what is his background?

The filing states Michael M. McGarry has extensive experience in the industrial sector, though specific details of his prior roles are not provided in this document.

What committees will Michael M. McGarry serve on?

Michael M. McGarry will serve on the company's Audit Committee and Compensation Committee.

When was Michael M. McGarry's appointment effective?

The appointment of Michael M. McGarry was effective immediately as of September 11, 2024.

What class of director is Michael M. McGarry?

Michael M. McGarry has been appointed as a Class II director.

What is the purpose of this Form 8-K filing?

This Form 8-K is filed to report the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as Regulation FD Disclosure.

Filing Stats: 727 words · 3 min read · ~2 pages · Grade level 13.6 · Accepted 2024-09-17 16:45:36

Key Financial Figures

Filing Documents

02. Departure of Directors or Certain Officers; Election

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As a result of TE Connectivity Ltd.'s (the "Company") leadership succession planning and reorganization described in Item 7.01 below, on September 11, 2024 the Company notified Steve Merkt of the termination of his employment. Mr. Merkt shall continue to serve as President, Transportation Solutions, until October 1, 2024, at which time he will transition to an advisory role with the Company through December 31, 2024. Mr. Merkt's separation qualifies as an involuntary termination without cause under the terms of his employment agreement. Under the terms of his employment agreement, (i) he will receive a one-year notice period through December 31, 2025 during which time he will remain an employee of the Company under his current benefit arrangements and (ii) following his notice period, will receive 12-months salary and target annual incentive award in consideration for a general release and restrictive covenants agreement, including a 12-month non-compete and non-solicit. Effective October 1, 2024, Aaron Stucki, currently President, Communication Solutions, will serve as President, Transportation Solutions. Mr. Stucki's revised compensation arrangement provides for him to (i) be paid a base salary of $675,000, subject to an annual upward adjustment, (ii) be eligible for an annual bonus of up to 95% of base salary, in accordance with the annual bonus plan then in effect for executive officers of the Company, and (iii) be eligible for annual long-term incentive equity awards with a target valued at $2,600,000 to be made in accordance with the terms and conditions of the Company's long term incentive plan then in effect for executives of the Company.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure Effective for the first quarter of fiscal 2025, the Company will reorganize its management and segments to better align the organization around the Company's strategy. The Company's businesses in the former Communications Solutions segment have been moved into the Industrial Solutions segment. Also, the former Appliance and Industrial businesses have been combined to form the Automation and Connected Living business. The following represents the new segment structure: Transportation Solutions—this segment contains the Automotive, Commercial Transportation, and Sensors businesses Industrial Solutions—this segment contains the Aerospace, Defense, and Marine; Medical; Energy; Digital Data Networks (formerly Data & Devices); and Automation and Connected Living businesses

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. Date: September 17, 2024 TE CONNECTIVITY LTD. By: /s/ Harold G. Barksdale Name: Harold G. Barksdale Title: Vice President and Corporate Secretary

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