8-KLeadership ChangesRegulation FDExhibits & Filings

FLEX LTD. 8-K Report, Executive Changes (Nov 23, 2020)

Filed November 23, 2020For Securities:FLEX

Summary

Flex Ltd. (FLEX) announced a key leadership change within its Reliability Solutions segment through an 8-K filing on November 23, 2020. Dr. Todd M. Fruchterman has been appointed as the new President of the Reliability Solutions segment, effective November 30, 2020. This appointment follows the planned retirement of the current segment president, Paul Humphries. Dr. Fruchterman brings extensive experience from leadership roles at 3M Company and Kinetic Concepts, Inc., with a strong background in operational growth and strategic development within large healthcare and technology divisions. Mr. Humphries will transition his responsibilities to Dr. Fruchterman and has agreed to provide transition support through March 31, 2021. An Executive Transition Agreement outlines the terms of his continued engagement, ensuring a smooth handover. While Mr. Humphries will no longer be an executive officer after November 30, 2020, he will remain an employee during the transition period and receive his base salary. His retirement eligibility and ongoing compensation arrangements for bonuses and equity awards are detailed, reflecting a structured departure. This report also incorporates a press release announcing these changes, which is furnished as an exhibit.

Key Highlights

  • 1Appointment of Dr. Todd M. Fruchterman as President of Reliability Solutions, effective November 30, 2020.
  • 2Planned retirement of Paul Humphries, current President of Reliability Solutions, effective November 30, 2020.
  • 3Paul Humphries will provide transition services through March 31, 2021, under an Executive Transition Agreement.
  • 4Dr. Fruchterman has significant leadership experience, including as President of Medical Solutions at 3M Company.
  • 5Mr. Humphries will continue to receive his base salary during the transition period and is eligible for specific bonus and equity payouts.
  • 6The Company has entered into an Executive Transition Agreement with Mr. Humphries outlining terms including confidentiality and non-disparagement covenants.
  • 7The press release announcing these changes is furnished as an exhibit to the filing.

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