8-KEarnings & ResultsLeadership ChangesOther Events+1

FLEX LTD. 8-K Report, Financial Results (Jul 25, 2013)

Filed July 25, 2013For Securities:FLEX

Summary

Flex Ltd. (FLEX) filed an 8-K on July 25, 2013, primarily to announce its financial results for the first quarter ended June 30, 2013, and to report on a significant executive appointment and a proposed share repurchase program. The company has appointed Mr. David Bennett as its new Chief Accounting Officer, effective July 24, 2013. Mr. Bennett's compensation includes a base salary and restricted share units, and he had previously repaid a relocation loan. Additionally, the Board of Directors has approved a new share repurchase program, which will be presented to shareholders for approval at an upcoming Extraordinary General Meeting. This program, if approved, would allow Flex to repurchase up to 10% of its outstanding ordinary shares, subject to Singapore law limitations. These announcements provide insights into the company's leadership and its capital allocation strategy.

Key Highlights

  • 1Appointment of David Bennett as Chief Accounting Officer, effective July 24, 2013.
  • 2Christopher Collier will continue to serve as Chief Financial Officer.
  • 3David Bennett's compensation package includes an annual base salary of $330,000 and a grant of 25,000 service-based restricted share units.
  • 4Mr. Bennett repaid a $275,000 interest-free relocation loan prior to his appointment.
  • 5Board approved a new share repurchase program, subject to shareholder approval.
  • 6The proposed share repurchase program allows for the repurchase of up to 10% of the Company’s outstanding ordinary shares.
  • 7Financial results for the first quarter ended June 30, 2013, were announced via press release.

Frequently Asked Questions

This 8-K filing announces that Flex Ltd. issued a press release on July 25, 2013, detailing its financial results for the first quarter ended June 30, 2013. The specific details of these results are available in the press release furnished as Exhibit 99.1.

Mr. David Bennett has been appointed as the Chief Accounting Officer, effective July 24, 2013. He replaces Mr. Christopher Collier in this role, who will continue as Chief Financial Officer.

David Bennett's compensation includes an annual base salary of $330,000 and a grant of 25,000 service-based restricted share units that vest over four years. He had previously received a $275,000 interest-free relocation loan, the full amount of which he repaid on July 19, 2013, before his appointment as Chief Accounting Officer.

Flex Ltd.'s Board of Directors has approved a new share repurchase program, which is subject to shareholder approval at the Extraordinary General Meeting on July 29, 2013. If approved, the program would permit the repurchase of up to 10% of the company's outstanding ordinary shares, in accordance with Singapore law. The program does not obligate the company to repurchase any specific number of shares and can be suspended or terminated at any time.