Jeff Cote to Retire as CEO and President;
Martha Sullivan Appointed Interim President and CEO
Phillip Eyler Appointed to Board of
Directors
Board Forms CEO Search Committee to Identify
Permanent CEO
Enters into Cooperation and Information Sharing
Agreements with Elliott
Sensata Technologies Holding plc (NYSE: ST) today announced that
Jeff Cote, Chief Executive Officer and President of Sensata
Technologies, has informed the Board of Directors of his intention
to retire as CEO and President and step down as a member of the
Sensata Board, effective April 30, 2024. The Board of Directors has
appointed Martha Sullivan as Interim President and CEO and has
established a CEO Search Committee to identify a new permanent
CEO.
CEO Transition
Regarding Jeff Cote’s decision to retire, Sensata Chairman
Andrew C. Teich said, “Sensata is a strong, profitable business
that is well-positioned for a bright future in an increasingly
electrified world. The Board is grateful for Jeff’s dedication and
leadership in positioning the Company to benefit from these
opportunities, and we wish him the best in his retirement.”
“I am proud of the progress we have made in helping our
customers solve their most challenging engineering and operational
issues,” said Cote. “I want to thank our customers, employees, and
our shareholders. It was an honor to work alongside Team Sensata as
we strove every day to create capabilities that helped transform
our end-markets, and position Sensata as a trusted partner.”
Regarding Martha Sullivan’s appointment as Interim President and
CEO, Teich added, “Martha’s previous experience as Sensata’s CEO
and service as a Board member makes her ideally qualified to assume
the Interim CEO role. We are confident that under her leadership,
Sensata’s talented team will continue to deliver for our customers
and our shareholders as we work to identify and hire our next
CEO.”
“It is a privilege to lead Sensata and work alongside our
incredibly talented team once again,” said Sullivan. “I am
committed to a smooth transition and nurturing the momentum
underway as we continue to deliver trusted sensor-rich solutions to
our customers.”
The CEO Search Committee is initially comprised of current
Sensata Board directors, Andrew Teich, Martha Sullivan, and John
Mirshekari. The Committee will undertake the search with the
assistance of a leading executive search firm.
New Independent Director Appointment
In addition, following a constructive dialogue with Elliott
Investment Management L.P. (together with its affiliates,
“Elliott”), Sensata has appointed Phillip Eyler to the Company’s
Board. Mr. Eyler will serve on the CEO Search Committee and the
Nominating and Governance Committee when he joins the Board on July
1, 2024. With the appointment of Eyler, Sensata’s Board will
consist of eleven directors, ten of whom are independent.
Regarding Phillip Eyler’s appointment to the Board, Teich
continued, “We are pleased to welcome Phil to the Board. He brings
valuable insights and expertise, as a successful sitting CEO in an
adjacent technology space with a proven track record of technology
innovation and value creation. The Board looks forward to
benefitting from his perspectives as we work to drive further
shareholder value creation.”
Elliott Partner Marc Steinberg and Portfolio Manager Austin
Camporin added, “As Sensata’s largest investor, we believe the
Company is on the path to substantial shareholder value creation.
We thank Jeff for his leadership, and we are highly confident in
Martha’s ability to guide Sensata through this transition. In
addition, we believe Phil Eyler will bring fresh and relevant
perspectives to the Board. Sensata’s strategic sensor portfolio
positions it to benefit from ongoing secular tailwinds, and we
believe that as Sensata executes on its plans to improve
performance, shareholders will benefit from this multi-year value
creation opportunity.”
The Company has entered into a Cooperation Agreement with
Elliott, as well as an Information Sharing Agreement to facilitate
an ongoing dialogue between Elliott and the Board as both seek to
drive sustainable value creation for all Sensata shareholders. The
Cooperation Agreement contains customary standstill, voting, and
other provisions. A copy of the Cooperation Agreement will be filed
with the U.S. Securities and Exchange Commission as an exhibit to
the Company’s Quarterly Report on Form 10-Q for the period ended
March 31, 2024.
About Martha Sullivan
Martha Sullivan has served as a director on Sensata’s Board
since February 2013. Ms. Sullivan previously served as Sensata’s
Chief Executive Officer and President from 2013 to 2020. Prior to
being named CEO, Sullivan held various senior management positions
at Sensata and its predecessor company, including Chief Operating
Officer and President.
Sullivan currently serves on the Board of Directors at Avery
Dennison Corporation. She is active in initiatives and
organizations that focus on STEM education for young women and is
currently co-chair of the Board of Trustees of Our Sisters’ School
(OSS), an independent, tuition-free school for economically
disadvantaged middle school girls in New Bedford,
Massachusetts.
Sullivan has served as a member of the President’s Advancement
Council and President’s Alumni Council at Michigan Technological
University. She was inducted into the Academy of Mechanical
Engineering at Michigan Tech and holds an Honorary Doctorate in
Philosophy from that institution.
About Phillip Eyler
Phillip Eyler brings more than 30 years of engineering,
operations, and business expertise, primarily in the automotive
industry to Sensata’s Board of Directors. Since 2017, he has served
as President and Chief Executive Officer of Gentherm, Inc., the
global market leader of innovative thermal management and pneumatic
comfort technologies for the automotive industry and a leader in
medical patient temperature management systems.
Prior to joining Gentherm, Eyler had an extensive career with
Harman International Industries, Inc., the market leader in
connected car solutions which was ultimately acquired by Samsung
Electronics in 2017. At Harman, Eyler served in a variety of roles
of increasing responsibility and scope during his 20-year tenure
with the company, culminating in his appointment as President of
the Connected Car division, where he oversaw a $3B portfolio of
assets and led more than 8,000 employees. He began his career at
Siemens Corporation. He holds a bachelor’s degree in mechanical
engineering from Purdue University and a Master of Business
Administration degree from the Fuqua School of Business, Duke
University.
First Quarter 2024 Earnings Results
In a separate press release issued today, Sensata reported its
first quarter 2024 financial results and outlook for the second
quarter of 2024. The Company will conduct a conference call today
at 4:30 p.m. Eastern Time to discuss its financial results.
About Sensata Technologies
Sensata Technologies is a global industrial technology company
striving to create a cleaner, more efficient, electrified and
connected world. Through its broad portfolio of sensors, electrical
protection components and sensor-rich solutions which create
valuable business insights, Sensata helps its customers address
increasingly complex engineering and operating performance
requirements. With more than 21,000 employees and global operations
in 16 countries, Sensata serves customers in the automotive, heavy
vehicle & off-road, industrial, and aerospace markets. Learn
more at www.sensata.com and follow Sensata on LinkedIn, Facebook, X
and Instagram.
Safe Harbor Statement
This release may include "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be identified by terminology
such as "may," "will," "could," "should," "expect," "anticipate,"
"believe," "estimate," "predict," "project," "forecast,"
"continue," "intend," "plan," "potential," "opportunity,"
"guidance," and similar terms or phrases. Forward-looking
statements involve, among other things, expectations, projections,
and assumptions about future financial and operating results,
objectives, business and market outlook, megatrends, priorities,
growth, shareholder value, capital expenditures, cash flows, demand
for products and services, share repurchases, and Sensata’s
strategic initiatives, including those relating to acquisitions and
dispositions and the impact of such transactions on our strategic
and operational plans and financial results. These statements are
subject to risks, uncertainties, and other important factors
relating to our operations and business environment, and we can
give no assurances that these forward-looking statements will prove
to be correct.
A wide variety of potential risks, uncertainties, and other
factors could materially affect our ability to achieve the results
either expressed or implied by these forward-looking statements,
including, but not limited to, risks related to public health
crises, instability and changes in the global markets, supplier
interruption or non-performance, the acquisition or disposition of
businesses, adverse conditions or competition in the industries
upon which we are dependent, intellectual property, product
liability, warranty, and recall claims, market acceptance of new
product introductions and product innovations, labor disruptions or
increased labor costs, and changes in existing environmental or
safety laws, regulations, and programs.
Investors and others should carefully consider the foregoing
factors and other uncertainties, risks, and potential events
including, but not limited to, those described in Item 1A: Risk
Factors in our most recent Annual Report on Form 10-K and as may be
updated from time to time in Item 1A: Risk Factors in our quarterly
reports on Form 10-Q or other subsequent filings with the United
States Securities and Exchange Commission. All such forward-looking
statements speak only as of the date they are made, and we do not
undertake any obligation to update these statements other than as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240429676910/en/
Investor & Media Contact: Alexia Taxiarchos Head of Media
Relations +1 (508) 236-1761 investors@sensata.com
Sensata Technologies (NYSE:ST)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Sensata Technologies (NYSE:ST)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024