Summary
TE Connectivity Ltd. (TEL) filed an 8-K on July 17, 2012, reporting preliminary third-quarter fiscal year 2012 results and announcing significant executive leadership and organizational changes. The company indicated that the press release furnished with the filing provides details on its financial performance. Key to the executive changes, Terrence Curtin will transition from CFO to President of a newly formed Industrial Solutions Segment, which consolidates industrial, energy, and aerospace businesses. Robert Hau will succeed Curtin as CFO, bringing experience from Lennox International and Honeywell.
Key Highlights
- 1TE Connectivity announced preliminary third-quarter fiscal year 2012 results via press release.
- 2Effective August 1, 2012, Terrence Curtin will move from CFO to President of the new Industrial Solutions Segment.
- 3Robert Hau has been appointed as the new Executive Vice President and Chief Financial Officer, starting August 1, 2012.
- 4Mr. Hau's compensation package includes a substantial sign-on bonus ($1.7M cash, $2.0M equity) and a competitive base salary and bonus structure.
- 5Joe Donahue will transition to President of the Networks Solutions Segment, while Alan Clarke will retire from this role at year-end.
- 6The company is implementing a new four-segment reporting structure, effective at the start of fiscal year 2013 (September 29, 2012).
- 7The press release, furnished as Exhibit 99.1, contains the detailed financial results and segment information.
Frequently Asked Questions
This 8-K filing primarily announces preliminary third-quarter fiscal year 2012 results of operations and financial condition. The specific financial figures are detailed in the press release furnished as Exhibit 99.1, which is incorporated by reference.
The most notable executive change is Terrence Curtin's transition from Chief Financial Officer to President of the new Industrial Solutions Segment. Robert Hau, previously CFO at Lennox International, will succeed Mr. Curtin as the new CFO, effective August 1, 2012.
TE Connectivity is adopting a new four-segment reporting structure that will become effective at the beginning of its fiscal year 2013, which starts on September 29, 2012. This filing announces the creation of an 'Industrial Solutions Segment' and changes to the leadership of the 'Networks Solutions Segment'.
Robert Hau's compensation package is comprehensive, including a $1,700,000 sign-on bonus, a $2,000,000 sign-on equity grant, a starting base salary of $540,000, eligibility for an annual bonus up to 75% of base salary, and a long-term incentive bonus with a target value of $1,800,000.