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.