SCHAFFHAUSEN, Switzerland — TE Connectivity Ltd. (NYSE: TEL) today announced the following changes to its leadership team:
“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.
“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.