SANMINA CORPORATION (NASDAQ:SANM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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SANMINA CORPORATION (NASDAQ:SANM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

SANMINA CORPORATION (NASDAQ:SANM) 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 CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On July 8, 2019, Sanmina Corporation (the “Company”) announced the appointment of Hartmut Liebel as President and Chief Operating Officer of the Company. Mr. Liebel, 56, previously served as President and Chief Executive Officer of privately owned iQor, a leading global provider of intelligent customer interaction and product outsourcing solutions, from June 2013 until August 2018 and as a board member of iQor from August 2018 through the present. Mr. Liebel was Chief Executive Officer, Aftermarket Services, of Jabil Inc., from 2005 until May 2013, and previously held the positions of President, Aftermarket Services and Executive Vice President and Chief Operating Officer, Aftermarket Services since joining Jabil in 2002.

In his position as President and Chief Operating Officer of the Company, Mr. Liebel will receive a base annual salary of $600,000, a bonus opportunity of up to 80% of his base salary to the Annual Corporate Bonus Plan approved by the Compensation Committee and 60,000 restricted stock units granted under the Company’s 2019 Equity Incentive Plan, vesting one-third on each of the first three anniversaries of the date of grant. Mr. Liebel will also receive a relocation package in the amount of $180,000 and will become party to the Company’s standard change of control agreement with a payout multiple of two times his base salary in the event of certain terminations of employment following a change of control of the Company, among the other benefits stated therein.

In furtherance of the Company’s succession planning process, Mr. Liebel will be considered for the role of Chief Executive Officer if he remains employed at the Company at the time that the current Chief Executive Officer ceases to serve in that position.  Mr. Liebel’s change of control agreement will also provide that the Company’s failure to select him as the next Chief Executive Officer of the Company when such position is vacated by the current Chief Executive Officer shall constitute an event of constructive termination which shall entitle him, upon his resignation, to a lump-sum payment equal to one and one-half times his base salary, subject to the terms and conditions of such change of control agreement.

The press release announcing Mr. Liebel’s appointment is filed as Exhibit 99.1 to this Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

SANMINA CORP Exhibit
EX-99.1 2 a19-12496_1ex99d1.htm EX-99.1 Exhibit 99.1     NEWS   INDUSTRY VETERAN,…
To view the full exhibit click here

About SANMINA CORPORATION (NASDAQ:SANM)

Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides its offerings primarily to original equipment manufacturers (OEMs) in various industries, including communications networks, storage, industrial, defense and aerospace, medical and energy. The Company operates through two businesses: Integrated Manufacturing Solutions (IMS) and Components, Products and Services (CPS). IMS consists of printed circuit board assembly and test, final system assembly and test, and direct-order-fulfillment. Its Components include interconnect systems and mechanical systems. Its Products include memory, radio frequency (RF), optical and microelectronics solutions, defense and aerospace products, storage solutions and cloud-based manufacturing execution software. Its Services include design, engineering, logistics and repair services.