Summary
Flex Ltd. (FLEX) announced a significant addition to its Board of Directors and Audit Committee with the appointment of Patrick J. Ward, effective January 26, 2022. Mr. Ward joins as an independent director and has been determined to be an "audit committee financial expert" by the company, a crucial role given his position on the Audit Committee. His appointment strengthens the board's financial oversight capabilities. Mr. Ward's compensation structure is detailed, including annual cash compensation of $105,000 and restricted stock units valued at $185,000 annually, reflecting a commitment to aligning director incentives with shareholder value. The company also reaffirmed its standard indemnification and D&O insurance provisions for directors, ensuring robust governance practices.
Key Highlights
- 1Patrick J. Ward appointed to Flex Ltd.'s Board of Directors and Audit Committee.
- 2Mr. Ward qualifies as an "audit committee financial expert", enhancing financial oversight.
- 3Appointment of Mr. Ward is effective as of January 26, 2022.
- 4Mr. Ward is an independent director with no disclosed arrangements or affiliations with the company that would impede his independence.
- 5Annual compensation for Mr. Ward includes $105,000 in cash and $185,000 in restricted stock units.
- 6Flex Ltd. maintains standard indemnification agreements and Directors & Officers liability insurance for its directors.