SENSATA TECHNOLOGIES HOLDING N.V. (NYSE:ST) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) and (c). In late October 2017, Sensata Technologies Holding N.V. (“Sensata” or the “Company”) internally announced the expansion of the role of Steve Beringhause, Sensata’s then Executive Vice President, Performance Sensing and Chief Technology Officer (CTO) to increase the Office of the CTO’s focus on, and build a team specifically dedicated to, pursuing various megatrend opportunities, such as potential growth and opportunities driven by electrification and autonomous driving.
To this end, effective January 1, 2018, Sensata promoted Paul Chawla to Senior Vice President, Performance Sensing, Automotive. In connection with this promotion, Mr. Chawla will be responsible for providing global oversight of Sensata’s Automotive Global Business Unit and report directly to Martha Sullivan, President and Chief Executive Officer. Although effective January 1, 2018, Mr. Beringhause will no longer be directly responsible for the Automotive Global Business Unit, he will support and advise Mr. Chawla throughout 2018 as Mr. Chawla transitions into his new role. In addition, with the foregoing changes, Mr. Beringhause will be fully dedicated to his expanded role as Executive Vice President, CTO, and continue to directly report to Ms. Sullivan.
Mr. Chawla, age 52, joined Sensata in June 2014 as Vice President, Sensors Europe with over 20 years of automotive experience. In April 2016, he was promoted to Senior Vice President, Performance Sensing, Automotive, Europe with responsibility for sales, marketing, engineering and the product management team throughout Europe. Prior to joining Sensata, Mr. Chawla was with Johnson Controls Inc. (“JCI”) for 15 years, holding various leadership positions in France and Germany, and most recently serving as JCI’s Vice President and General Manager of its India Business Unit from 2010 until June 2014.
In connection with Mr. Chawla's promotion, his annual base salary will be 354,556 Euros (approximately US$425,000 at recent exchange rates), subject to periodic review and adjustment by the Compensation Committee (the “Compensation Committee”) of Sensata’s Board of Directors (the “Board”). In addition, subject to the Board or the Compensation Committee’s approval, as applicable, Mr. Chawla will be eligible to (i) receive an annual cash bonus with a target of 75% of base salary, with actual payout depending on the Company’s and leadership team’s performance; (ii) receive an annual long-term incentive award with a target grant value of US$750,000; and (iii) continue to receive the allowances and benefits already in place for his employment.
About SENSATA TECHNOLOGIES HOLDING N.V. (NYSE:ST)
Sensata Technologies Holding N.V. is a global industrial technology company. The Company is engaged in the development, manufacture and sale of sensors and controls. The Company operates through two segments: Performance Sensing and Sensing Solutions. The Company produces a range of sensors and controls for applications, such as thermal circuit breakers in aircraft, pressure sensors in automotive systems, and bimetal current and temperature control devices in electric motors. The Company’s sensors are devices that translate a physical phenomenon, such as pressure or position, into electronic signals that microprocessors or computer-based control systems can act upon. The Company’s controls are devices embedded within systems to protect them from excessive heat or current. The Company’s primary products include low, medium and high-pressure sensors, temperature sensors, speed sensors, position sensors, motor protectors, and thermal and magnetic-hydraulic circuit breakers and switches.
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