Tyco Spinoff Appoints New CEO -- WSJ
October 03 2016 - 3:03AM
Dow Jones News
By Anne Steele
TE Connectivity Ltd. has chosen board member and President
Terrence Curtin to be its next chief executive, as it works to
sharpen its focus in the connectivity and sensor markets.
Mr. Curtin, 48 years old, will succeed current CEO Tom Lynch,
61, who will become executive chairman of the board, people
familiar with the matter said. Mr. Lynch has led the sensor
designer and manufacturer for more than a decade -- including
through its spinoff from Tyco International PLC nine years ago --
and will continue as CEO until March 9.
TE, which is based in Switzerland, makes connectors and sensors
used by telecommunications, automotive, aerospace and energy
companies, among others. The company, which pulls in more than $12
billion of revenue annually, has been realigning its business to
center on the connectivity and sensor markets, which drive most of
its sales.
TE has also been strengthening its presence in harsh-environment
products, which are found inside vehicles, factory-floor equipment
and appliances.
Acquisitions have helped it bulk up that portfolio, which
accounted for 80% of the company's sales last year. In July, it
agreed to buy Intercontec Group to help bolster its portfolio of
harsh-environment products for factory automation customers.
The CEO transition was a joint decision between Mr. Lynch and
the board, said one of the people familiar with the matter, who
added that "Tom's achieved what he's wanted to achieve."
Mr. Lynch previously led Tyco's engineered products and services
business before rising to become CEO of Tyco Electronics in 2006,
guiding it through its spinoff from Tyco International in 2007.
Since trading publicly on its own, TE's stock has risen 66%. It
adopted the name TE Connectivity in 2011.
As president, Mr. Curtin has overseen the company's connectivity
and sensor businesses as well as merger-and-acquisition activity.
He previously led TE's industrial segment. Before that, he was
chief financial officer from 2006 to 2012, aiding the company's
separation from Tyco International.
The company has been grooming Mr. Curtin -- who was added to the
board in March -- to take the helm for several years, the people
familiar with the matter said. He has been involved "side-by-side"
with Mr. Lynch and helped set the strategy and priorities for the
company in the past 10 years. The board saw it as a "natural
progression," one of the people said.
In August, the company named Heath Mitts its financial chief,
effective Sept. 12, after announcing in February that CFO Robert
Hau would resign.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
October 03, 2016 02:48 ET (06:48 GMT)
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