8-KLeadership ChangesExhibits & Filings

TE Connectivity plc 8-K Report, Executive Changes (Oct 3, 2016)

Filed October 3, 2016For Securities:TEL

Summary

This 8-K filing from TE Connectivity plc (TEL) on October 3, 2016, primarily announces significant leadership changes. Thomas J. Lynch, the long-standing Chief Executive Officer, will retire from that role effective March 9, 2017, but will transition to Executive Chairman. Terrence Curtin, currently President, has been appointed to succeed Mr. Lynch as CEO, also effective March 9, 2017. This transition signals a planned succession within the company's senior leadership.

Key Highlights

  • 1Thomas J. Lynch to retire as CEO effective March 9, 2017, transitioning to Executive Chairman.
  • 2Terrence Curtin appointed as the successor CEO, effective March 9, 2017.
  • 3Mr. Curtin's annual base salary will increase to $950,000 and his annual bonus target will be 125% of base salary effective October 3, 2016.
  • 4Terrence Curtin has a strong background within the company, having served as President, Executive Vice President and President of Industrial Solutions, and Chief Financial Officer.
  • 5Heath A. Mitts' formal employment contract as Executive Vice President and Chief Financial Officer was finalized on September 30, 2016.
  • 6Mr. Mitts' employment contract includes a notice period of up to twelve months for termination by the Company without cause and twelve months' pay for non-compete/non-solicitation covenants.
  • 7The filing incorporates by reference a press release regarding the CEO transition and Mr. Mitts' employment agreement.

Frequently Asked Questions

TE Connectivity announced that CEO Thomas J. Lynch will retire from his CEO role on March 9, 2017, and transition to Executive Chairman. Terrence Curtin, currently President, will succeed Mr. Lynch as CEO on the same date.

Effective October 3, 2016, Terrence Curtin's annual base salary will be increased to $950,000, and his annual bonus target will be set at 125% of his base salary.

The filing confirms the finalization of Heath A. Mitts' employment contract as EVP and CFO. This contract formalizes his terms of employment and includes provisions for termination notice periods and compensation for non-compete and non-solicitation clauses, indicating a structured and long-term commitment.

No, Thomas J. Lynch will retire as Chief Executive Officer but will continue his involvement with the company as the Executive Chairman.