Summary
This 8-K filing from Flex Ltd. (FLEX) on June 29, 2018, primarily announces the departure of a key director, Daniel H. Schulman, who has decided not to stand for re-election at the upcoming 2018 Annual General Meeting of Shareholders due to other time commitments. Notably, Mr. Schulman's departure is not attributed to any disagreements with the company's policies or practices. In conjunction with this change, William D. Watkins has been appointed as the new Chairman of the Compensation Committee, effective after the 2018 Annual General Meeting. Investors should note that while Mr. Schulman is stepping down from the board, he will continue his board and committee duties until the meeting concludes. The filing also confirms that Flex Ltd. is not an emerging growth company and is not utilizing extended transition periods for accounting standards.
Key Highlights
- 1Director Daniel H. Schulman will not seek re-election at the 2018 Annual General Meeting.
- 2Mr. Schulman's decision is due to "other time commitments" and not due to any disagreements with the company.
- 3Mr. Schulman will continue to serve as a Director, Chairman of the Compensation Committee, and member of the Nominating and Corporate Governance Committee until the 2018 Annual Meeting.
- 4William D. Watkins has been appointed as the new Chairman of the Compensation Committee, effective post-2018 Annual Meeting.
- 5The company confirmed it is not an emerging growth company.
- 6Flex Ltd. is not utilizing extended transition periods for new or revised financial accounting standards.