TE Connectivity shuffles execs, units ahead of Q3 results
TE Connectivity Ltd., the electronic components manufacturer with administrative and engineering offices in the midstate, said today it is shuffling its business units and executives as well as releasing preliminary results for the third quarter.
"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," CEO Tom Lynch said.
Terrence Curtin, TE's executive vice president and chief financial officer, will become president of the newly created Industrial Solutions segment. It will include TE's industrial, energy, and aerospace, defense and marine businesses, according to the company.
Robert Hau, formerly of Dallas-based Lennox International Inc., will join TE as executive vice president and CFO.
Joe Donahue, executive vice president, chief operating officer and president of TE's Transportation Solutions segment, will be promoted to president of the Network Solutions segment. He will succeed Alan Clarke, who plans to retire at the end of the year. Network Solutions includes telecom networks, data communications, enterprise networks and subsea communication businesses.
Steve Merkt, previously the president of TE's automotive business segment, will succeed Donahue as president of Transportation Solutions, according to the company.
The reorganization leaves TE's Consumer Solutions businesses — those that make devices and appliances for the consumer market — as a stand-alone segment.
The changes will be effective Aug. 1, but the company won't begin reporting its results under the new segment organization until the first quarter of fiscal year 2013, which begins Sept. 29.
TE also released preliminary results for the third quarter with sales topping $3.5 billion, a 5.4 percent drop from a year ago but about 9 percent better than the previous quarter. Earnings per diluted share were 60 cents, unchanged from the previous quarter, but down about 20 cents from a year ago. Analysts had estimated 79 cents a share, according to Yahoo Finance.
TE is expected to release its full earnings statement July 25. The Switzerland-based company has its U.S. headquarters in Berwyn, Chester County, and employs about 3,900 people in Central Pennsylvania.