Summary
This Form 8-K filing by Flextronics International Ltd. (FLEX) reports on changes within its Board of Directors. Specifically, on October 31, 2012, Mr. Robert L. Edwards resigned from the Board. Concurrently, on the same date, Mr. Lawrence A. Zimmerman was appointed as an independent director. Mr. Zimmerman's appointment brings significant expertise to the Board, as he has been assigned to key committees: the Nominating and Corporate Governance Committee and, notably, as the Chairman of the Audit Committee. His compensation package includes annual cash retainers for his director role and committee chairmanships, as well as restricted stock unit awards, reflecting alignment with shareholder interests and the company's standard director compensation structure. The filing also notes the company's commitment to director indemnification and insurance.
Key Highlights
- 1Robert L. Edwards resigned from the Board of Directors effective October 31, 2012.
- 2Lawrence A. Zimmerman was appointed to the Board of Directors as an independent director on October 31, 2012.
- 3Mr. Zimmerman will serve on the Nominating and Corporate Governance Committee.
- 4Mr. Zimmerman has been appointed as the Chairman of the Audit Committee.
- 5Mr. Zimmerman's compensation includes an annual cash retainer of $85,000, plus additional compensation for committee service ($8,000 for Nominating & Corporate Governance, $50,000 for Audit Committee Chair).
- 6Mr. Zimmerman will receive restricted stock unit awards, reflecting alignment with long-term shareholder value.
- 7The company reaffirmed its indemnification and directors' and officers' liability insurance policies for its directors.