8-KLeadership ChangesRegulation FDExhibits & Filings

TERADYNE, INC 8-K Report, Executive Changes (Oct 28, 2025)

Filed October 28, 2025For Securities:TER

Summary

Teradyne, Inc. (TER) has announced a significant leadership change in its finance department. Effective November 3, 2025, Michelle Turner will assume the role of Vice President, Chief Financial Officer, and Treasurer, succeeding Sanjay Mehta. Ms. Turner will also serve as the principal financial officer and principal accounting officer. This transition marks a new chapter for Teradyne's financial operations, bringing in a seasoned executive with extensive experience from prominent companies such as L3Harris Technologies, Johnson & Johnson, and BHP Billiton. Investors should note that Mr. Mehta will remain with the company as an executive advisor, ensuring continuity and knowledge transfer during this period. Ms. Turner's compensation package includes a base salary of $640,000, with eligibility for a 100% target annual cash bonus. Additionally, she will receive a substantial equity award valued at $6,800,000 at target, comprised of various stock units and options. She will also be provided with sign-on bonuses and relocation assistance. The company has also outlined terms for a change of control agreement, offering two years of severance and accelerated equity vesting under specific termination conditions.

Key Highlights

  • 1Michelle Turner appointed as new Vice President, Chief Financial Officer, and Treasurer, effective November 3, 2025.
  • 2Sanjay Mehta will transition to an executive advisor role; his compensation remains unchanged.
  • 3Ms. Turner's annual base salary will be $640,000, with a target annual cash incentive bonus of 100% of her base salary.
  • 4Significant equity award granted to Ms. Turner valued at $6,800,000 at target, including RSUs and stock options.
  • 5One-time sign-on compensation includes a $200,000 cash bonus and a $150,000 relocation payment.
  • 6Ms. Turner has a strong background, having held CFO roles at L3Harris Technologies and Johnson & Johnson, among others.
  • 7An Executive Officer Change of Control Agreement is in place for Ms. Turner, providing severance and accelerated equity vesting upon qualifying termination events.

Frequently Asked Questions

This 8-K filing primarily announces a change in Teradyne's executive leadership. Michelle Turner is appointed as the new Vice President, Chief Financial Officer, and Treasurer, effective November 3, 2025, succeeding Sanjay Mehta.

Sanjay Mehta will remain with Teradyne as an executive advisor. His compensation will not change as part of this transition.

Ms. Turner's compensation includes an initial base salary of $640,000, eligibility for an annual cash bonus targeting 100% of her base salary, a significant equity award valued at $6.8 million at target, a $200,000 sign-on cash bonus, and a $150,000 relocation payment.

The equity grant will consist of time-based restricted stock units, performance-based restricted stock units, and non-qualified stock options, with a total target value of $6,800,000.

In the event of termination without cause or resignation for good reason within a specified period around a change in control, Ms. Turner is entitled to two years of severance at her annual compensation rate, a pro-rated target bonus, full accelerated vesting of equity awards (performance awards at target), and two years of continued health benefits, subject to a release and compliance with restrictive covenants. No tax gross-up payment is included.