Arrow Electronics, Inc 8-K, filed Mar 28, 2022
Arrow Electronics, Inc. (ARW)
About this 8-K
Arrow Electronics, Inc filed this 8-K on March 28, 2022, reporting on events of March 23, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Departure of Christopher D. Stansbury as Senior Vice President, Chief Financial Officer and Principal Financial Officer
On March 28, 2022, Arrow Electronics, Inc. (the “Company”) announced the departure of Christopher D. Stansbury from his position as Senior Vice President, Chief Financial Officer of the Company, and from his role as the Company’s designated Principal Financial Officer, effective April 1, 2022. Mr. Stansbury will be eligible for separation benefits based on his termination without cause as described in the Arrow Electronics, Inc. Executive Severance Policy previously filed with the Securities and Exchange Commission.
(c) Appointment of Richard A. Seidlitz as Interim Principal Financial Officer
In connection with Mr. Stansbury’s departure, on March 23, 2022, the Board of Directors (the “Board”) of the Company approved the appointment of Richard A. Seidlitz, age 44, as the Company’s Interim Principal Financial Officer, effective April 1, 2022. Mr. Seidlitz currently serves as the Company’s Vice President, Corporate Controller and Principal Accounting Officer, a role he has held since 2018. His designation as Interim Principal Financial Officer will be in addition to his current role. Previously, Mr. Seidlitz served as the Company’s Vice President and Corporate Controller since 2016. Prior to that, Mr. Seidlitz was the Company’s Assistant Controller, where he oversaw SEC reporting and SOX compliance. Before joining the Company in 2015, Mr. Seidlitz worked in various positions at First Data Corporation for nine years and, in his last position there, he was Vice President of Accounting Policies and SOX Compliance. He began his career as an auditor with PricewaterhouseCoopers, LLP. Mr. Seidlitz is a Certified Public Accountant in Colorado and holds a Bachelor of Science in Accountancy from the University of Illinois Urbana-Champaign. Mr. Seidlitz’s compensation will remain unchanged following his appointment as Interim Principal Financial Officer.
The selection of Mr. Seidlitz to serve as Interim Principal Financial Officer was not pursuant to any arrangement or understanding with respect to any other person. There are no family relationships between Mr. Seidlitz and any director or executive officer of the Company, and Mr. Seidlitz has no direct or indirect material interest in any “related party” transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 7.01. Regulation FD Disclosure.
A copy of the press release announcing the departure of Mr. Stansbury and the appointment of Mr. Seidlitz as Interim Principal Financial Officer is attached hereto as Exhibit 99.1. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |
| 99.1 | Press release issued by Arrow Electronics, Inc. dated March 28, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARROW ELECTRONICS, INC. | ||
| Date: March 28, 2022 | By: | /s/ Carine Jean-Claude |
| Name: | Carine Jean-Claude | |
| Title: | Senior Vice President, Chief Legal Officer and Secretary | |
Exhibit 99.1
ARROW ELECTRONICS, INC. 9201 E. DRY CREEK ROAD 303-824-4000 |
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Chris stansbury to depart from ARROW ELECTRONICS, inc.
FOR IMMEDIATE RELEASE
CENTENNIAL, Colo. – Mar. 28, 2022 -- Arrow Electronics, Inc. (NYSE:ARW) announced the departure of Christopher D. Stansbury, senior vice president and chief financial officer, effective Apr. 1, 2022.
Arrow Electronics has retained the services of an executive recruitment firm and a search for a new chief financial officer is underway. In the interim, Rick Seidlitz, vice president, corporate controller, and principal accounting officer, will assume the responsibilities of the principal financial officer.
Mr. Stansbury's departure is not related to the Company's operations, financial reporting, or controls.
Arrow Electronics guides innovation forward for over 220,000 leading technology manufacturers and service providers. With 2021 sales of $34 billion, Arrow develops technology solutions that improve business and daily life. Learn more at fiveyearsout.com.
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| Contact: | Steven O’Brien |
| Vice President, Investor Relations | |
| 303-824-4544 | |
| Media Contact: | John Hourigan |
| Vice President, Global Communications | |
| 303-824-4586 |
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