Summary
This 8-K filing by TE Connectivity Ltd. (TEL) on March 13, 2017, officially announces a significant leadership transition. Terrence Curtin has been appointed Chief Executive Officer, effective immediately following the company's Annual General Meeting of Shareholders on March 8, 2017. This appointment was a planned succession, with Thomas Lynch transitioning from CEO to Executive Chairman. The filing also details the adjusted base salaries for both executives in their new roles, with Mr. Curtin receiving $1,100,000 and Mr. Lynch receiving $900,000, effective March 9, 2017.
Key Highlights
- 1Terrence Curtin appointed as Chief Executive Officer (CEO).
- 2Appointment effective immediately following the Annual General Meeting of Shareholders on March 8, 2017.
- 3Thomas Lynch transitions from CEO to Executive Chairman.
- 4Mr. Curtin's annual base salary adjusted to $1,100,000.
- 5Mr. Lynch's annual base salary adjusted to $900,000.
- 6Salary adjustments are effective March 9, 2017.
Frequently Asked Questions
This 8-K filing officially announces a planned leadership change at TE Connectivity Ltd., specifically the appointment of Terrence Curtin as the new Chief Executive Officer and the transition of Thomas Lynch to Executive Chairman.
The appointment of Terrence Curtin as CEO was effective immediately following the company's Annual General Meeting of Shareholders on March 8, 2017.
Terrence Curtin's annual base salary was adjusted to $1,100,000, and Thomas Lynch's annual base salary was adjusted to $900,000, both effective March 9, 2017.
No, this appears to be a planned succession. Thomas Lynch transitioned from CEO to the role of Executive Chairman, indicating a continued involvement with the company in a strategic capacity.