Business Context and Reporting Period
This Form 8-K Current Report was filed by TTM Technologies, Inc. on February 17, 2025. The filing addresses a significant succession change within the company's executive leadership team, specifically regarding the Chief Operating Officer (COO) position.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on corporate governance and management changes.
Material Changes
- Appointment of New COO: James P. Walsh will assume the role of Chief Operating Officer effective July 1, 2025.
- Transition of Current COO: Philip Titterton, the current COO, will transition to an advisory position to assist with special operations projects for the foreseeable future.
- Background: Mr. Walsh currently serves as Senior Vice President of Operations (North America) & Global EHSSS and has been with the company since 2019.
Compensation and Outlook
Effective July 1, 2025, Mr. Walsh's compensation package includes:
- Base Salary: $450,000 annually.
- Cash Bonus: Target award of 60% of base salary.
- Restricted Stock Units (RSUs): Initial grant with an approximate value of $292,500, vesting in equal installments over three years.
- Performance Share Units (PSUs): Initial grant with an approximate value of $357,500, vesting based on targets established by the Compensation Committee.
The filing includes standard forward-looking statement disclaimers, noting that actual results may differ materially from expectations due to various risks and uncertainties.
Investor Verification Checklist
- Verify the effective date of the leadership transition (July 1, 2025) and the interim operational structure.
- Review the specific performance targets for Mr. Walsh's Performance Share Units in future filings or proxy statements.
- Monitor subsequent press releases or 10-Q/10-K filings for any impact of this leadership change on operational strategy.
- Confirm that no other undisclosed arrangements exist regarding Mr. Walsh's appointment as stated in the filing.