8-KLeadership ChangesExhibits & Filings

TE Connectivity plc 8-K Report, Executive Changes (Jan 22, 2008)

Filed January 22, 2008For Securities:TEL

Summary

This 8-K filing by Tyco Electronics Ltd. (now TE Connectivity plc) on January 21, 2008, reports on the post-retirement engagement of former President, Dr. Juergen Gromer. The company entered into a consulting agreement with Dr. Gromer, effective January 15, 2008, through December 31, 2008. In this role, Dr. Gromer will provide assistance with client meetings, industry trade shows, and customer relationship activities, leveraging his extensive experience. Additionally, Dr. Gromer was awarded 4,800 Deferred Stock Units (DSUs) that vested immediately but will not be redeemable until the termination of his non-employee directorship. These DSUs will accrue dividend equivalents. This filing highlights the company's strategy to retain valuable executive expertise in a consulting and advisory capacity following retirement, alongside a retention incentive for a key director.

Key Highlights

  • 1Dr. Juergen Gromer, former President, has transitioned to a consulting role with the company.
  • 2The consulting agreement is effective from January 15, 2008, to December 31, 2008.
  • 3Dr. Gromer's responsibilities will include client meetings, trade shows, and customer relationship activities.
  • 4He will receive a monthly consulting fee of EUR 11,340 (approximately USD $16,667).
  • 5The company will reimburse Dr. Gromer for reasonable out-of-pocket travel and expenses.
  • 6Dr. Gromer, a non-employee director, was awarded 4,800 DSUs that vested immediately.
  • 7These DSUs are redeemable upon termination of his directorship and will accrue dividend equivalents.

Frequently Asked Questions

The company is engaging Dr. Gromer as a consultant to leverage his extensive experience and relationships in client meetings, industry trade shows, and customer relationship activities, ensuring continued valuable input following his retirement as President.

Dr. Gromer will receive a monthly consulting fee of EUR 11,340 (approximately USD $16,667) and reimbursement for reasonable out-of-pocket travel and expenses incurred during his service.

Dr. Gromer was awarded 4,800 DSUs which vested immediately. These units cannot be redeemed until his directorship with the company terminates and will be entitled to dividend equivalents.

The agreement suggests a strategic approach to retain key institutional knowledge and maintain strong customer relationships rather than an indication of immediate leadership concerns. It allows the company to benefit from Dr. Gromer's expertise in a flexible capacity.