Summary
This Form 8-K filing by Flextronics International Ltd. (FLEX) on October 28, 2005, addresses a change in its Board of Directors and, consequently, its Audit Committee. Following the resignations of directors Michael Moritz and Patrick Foley, the company had a vacancy on its Audit Committee, which is required by Nasdaq to have at least three members. The company received notification from Nasdaq on October 25, 2005, regarding this requirement, with a deadline of October 14, 2006, to fill the vacancy. To ensure compliance with Nasdaq listing rules, Flextronics appointed Mr. Lip-Bu Tan to the Audit Committee on October 28, 2005. The company subsequently received confirmation from Nasdaq that this appointment resolves the compliance issue, bringing the Audit Committee back to the required membership size and composition.
Key Highlights
- 1Flextronics International Ltd. appointed Mr. Lip-Bu Tan to its Board of Directors' Audit Committee on October 28, 2005.
- 2This appointment was made following the resignations of Messrs. Michael Moritz and Patrick Foley from the Board.
- 3The company had a vacancy on its Audit Committee, creating a potential non-compliance with Nasdaq listing rules.
- 4Nasdaq Marketplace Rule 4350(d)(2)(A) requires the Audit Committee to have at least three members.
- 5Flextronics received notification from Nasdaq on October 25, 2005, about the Audit Committee composition.
- 6The appointment of Mr. Tan brought the Audit Committee into full compliance with Nasdaq's requirements.
- 7The company was initially given until its next annual shareholders' meeting or October 14, 2006, to fill the vacancy.