SCHAFFHAUSEN, Switzerland -- TE Connectivity Ltd. (NYSE: TEL) today announced the following changes to its leadership team:
Terrence Curtin, Executive Vice President and Chief Financial Officer, has been named President, Industrial Solutions. This new segment will include TE's Industrial, Energy, and Aerospace, Defense and Marine businesses.
Robert (Bob) Hau will succeed Mr. Curtin as Executive Vice President and Chief Financial Officer. Mr. Hau joins TE from Lennox International, where he most recently served as Executive Vice President and Chief Financial Officer. Prior to his tenure at Lennox, he was at Honeywell International, where he last served as CFO of Honeywell's Aerospace Business Group.
Joe Donahue, Executive Vice President, Chief Operating Officer and President, Transportation Solutions, has been appointed President, Network Solutions, succeeding Alan Clarke who will retire at the end of the calendar year. The Network Solutions segment includes TE's Telecom Networks, Data Communications, Enterprise Networks and Subsea Communications businesses.
Steve Merkt will succeed Mr. Donahue and has been promoted to President, Transportation Solutions. He previously served as President of TE's Automotive business.
James O'Toole will continue to serve as President of the Company's Consumer Solutions businesses (Consumer Devices and Appliance), which will now become a stand-alone segment.
"TE's vision is to be our customers' first choice for connectivity solutions. This new segment structure is the next step to achieving this vision by grouping our businesses to better meet the evolving and expanding needs of our customers," said Tom Lynch, TE's Chief Executive Officer. "Our four segment leaders—Terrence Curtin, Joe Donahue, Steve Merkt and James O'Toole—are proven leaders with a strong track record of performance at TE. We are also very pleased to have Bob Hau join our team as CFO. Bob is a talented financial leader with strong operating skills honed at Allied Signal, Honeywell and Lennox."
The changes will be effective August 1, 2012. During the fourth quarter, the Company will transition to the new segment structure and all changes to segment reporting will be effective at the beginning of the Company's fiscal year 2013, which begins on September 29, 2012.
The Company is also providing the following preliminary results for its fiscal third quarter ended June 29, 2012.
Sales were $3.5 billion
Diluted Earnings Per Share from Continuing Operations (GAAP EPS) are expected to be approximately $0.60
Adjusted EPS are expected to be $0.79
"Our performance in the quarter was solid and we expect to report adjusted EPS and operating margins that are in line with our expectations," said Mr. Lynch. "The current economic environment continues to be uncertain and our sales in the quarter were slightly below our guidance range due to the weakening of the Euro and demand in the Networks segment that was softer than anticipated."
The Company will report complete results for its fiscal third quarter before trading begins on July 25, 2012.
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