Business Context and Reporting Period
This Form 8-K was filed by TTM Technologies, Inc. on September 6, 2018. The report addresses corporate governance changes, specifically the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on personnel appointments rather than financial performance.
Material Changes
The primary material change reported is the appointment of Ms. Chantel E. Lenard as a Class I director, effective September 6, 2018. Her term is set to expire in May 2019, subject to approval from the United States Defense Security Service (DSS) under the Company's Special Security Agreement.
Guidance, Outlook, and Management Commentary
- Compensation: Ms. Lenard will receive standard non-employee director compensation. Upon appointment, she was issued 20,000 stock options with a strike price equal to the closing price of TTMI shares on September 6, 2018.
- Independence: The Board determined Ms. Lenard qualifies as an independent director under NASDAQ listing standards.
- Background: Ms. Lenard retired from Ford Motor Company in 2017 after a 25-year career, most recently serving as Executive Director of U.S. Marketing. She currently lectures in marketing at the University of Michigan Ross School of Business.
- Related Party Transactions: The filing states there were no related party transactions between Ms. Lenard and the Company since the beginning of the last fiscal year.
Investor Verification Checklist
- Verify the approval status of Ms. Lenard's appointment by the United States Defense Security Service (DSS).
- Confirm the exact strike price of the 20,000 stock options issued based on the September 6, 2018 closing price.
- Review the attached Press Release (Exhibit 99.1) for additional details on the appointment.