TD Synnex 8-K Report, Executive Changes (Jun 20, 2024)

TD SYNNEX Corporation announced a leadership succession plan approved by its Board of Directors on June 19, 2024.

Patrick Zammit, the Company's Executive Vice President and Chief Operating Officer, will become President and Chief Executive Officer effective September 1, 2024, succeeding Richard Hume, who will retire from the Company but remain on the Board as a director. The Board will expand from nine to ten directors and appoint Mr. Zammit to the Board on September 1, 2024. The filing states that Mr. Hume's retirement was not caused by any disagreement with the Company.

Under the offer letter dated June 19, 2024, Mr. Zammit will receive a starting base salary of $1,000,000^a and be eligible for an annual cash incentive bonus targeted at 2.0 times his base salary, with the payout based on performance metrics set by the Compensation Committee. He will also receive restricted stock unit awards with an approximate fair market value of $5,000,000, 60% time-based and 40% performance-based, granted alongside annual equity grants to other executive officers. The offer letter includes severance-related payments upon termination without cause or for good reason, including in connection with a change of control, and restrictive covenants including non-competition and non-solicitation provisions.

Mr. Zammit, age 57, has served as COO since January 1, 2024, and previously led the company's Europe and APJ businesses following the merger with Tech Data Corporation. He spent more than twenty years at Avnet, including as Global President of Avnet Technology Solutions. The accompanying press release describes Mr. Hume's tenure as CEO, which began in 2018, as including the acquisition of Avnet Technology Solutions, the take-private transaction in partnership with Apollo Asset Management, and the merger of Tech Data and SYNNEX.