Summary
Teradyne, Inc. (TER) announced a change in its Board of Directors on July 14, 2014. Mercedes Johnson was elected as a new director and appointed to the Audit Committee. Ms. Johnson has been deemed independent by the Board, meeting SEC and NYSE standards as well as Teradyne's specific criteria for independence. Investors should note that Ms. Johnson's appointment is accompanied by a compensation package including an annual cash retainer of $70,000. Additionally, she received a restricted stock unit grant valued at $124,050, which vests in full by May 2015 or upon the holding of the 2015 Annual Meeting of Shareholders. This development signals a refinement in the company's corporate governance structure.
Key Highlights
- 1Teradyne, Inc. appointed Mercedes Johnson as a new director to its Board, effective July 14, 2014.
- 2Ms. Johnson has been appointed as a member of the Board's Audit Committee.
- 3The Board has determined Ms. Johnson to be an independent director, meeting all relevant regulatory and company standards.
- 4Ms. Johnson's compensation will include an annual cash payment of $70,000.
- 5A restricted stock unit grant of 6,203 shares, valued at $124,050, was awarded to Ms. Johnson.
- 6The stock grant vests in full on the earlier of the 2015 Annual Meeting of Shareholders or the last Thursday in May 2015.