RICHARDSON ELECTRONICS, LTD. (NASDAQ:RELL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On March 13, 2019, Patrick Fitzgerald was terminated as Executive Vice President of Richardson Healthcare for Richardson Electronics, Ltd. (the “Company”).In connection with Mr. Fitzgerald’s termination, the Compensation Committee of the Board of Directors of the Company approved and offered an Understanding of Severance Benefits & General Release Agreement (the “Separation Agreement”) to Mr. Fitzgerald. Mr. Fitzgerald has 21 days to review and accept the terms of the Separation Agreement and another seven days upon signing to rescind it. The Separation Agreement will be included in a future filing if Mr. Fitzgerald accepts the terms.
In addition, Wendy S. Diddell, Executive Vice President and Chief Operating Officer, assumed direct responsibility for Richardson Healthcare effective March 13, 2019.Edward J. Richardson, Chairman and Chief Executive Officer, will also be closely involved in the oversight of this business unit given its importance as a key initiative for the Company.
About RICHARDSON ELECTRONICS, LTD. (NASDAQ:RELL)
Richardson Electronics, Ltd. is a provider of engineered solutions, power grid and microwave tubes, and related consumables; power conversion, and radio frequency (RF) and microwave components; high value displays, flat panel detector solutions and replacement parts for diagnostic imaging equipment, and customized display solutions. The Company’s segments include Power and Microwave Technologies Group, which provides engineered solutions and distributes electronic components to customers in alternative energy, aviation, broadcast, communications, industrial, medical, military, scientific and semiconductor markets; Canvys, which provides customized display solutions to corporate enterprise, financial, healthcare, industrial and medical original equipment manufacturers markets, and Healthcare, which manufactures, distributes and services replacement parts for the healthcare market, including hospitals, medical centers, independent service organizations and multi-vendor service providers.
