Methode CEO Avi Avula resigns effective immediately; AlixPartners partner named interim CEO

METHODE ELECTRONICS INC

CEO Avi Avula resigned immediately; interim CEO Kevin Nystrom appointed, an AlixPartners partner.
AlixPartners to receive additional $70,000/week consulting fee; total past payments ~$1.4M.
Board reduced to 10 members; Mark Schwabero named Vice Chairman to support transition.
Interim CFO David Rawden (also AlixPartners) to replace retiring CFO Ronald Tsoumas on July 12.
External search for permanent CEO under way with Spencer Stuart; former CEO Duda remains consultant.

item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

Kevin Nystrom

Interim Chief Executive Officer

MEI · METHODE ELECTRONICS INC

Effective: 2024-05-01
Filed: May 7, 2024, 7:59 PM ET

the Company has arranged for Kevin Nystrom to serve as the Company’s interim Chief Executive Officer.

Departed

Avi Avula

Chief Executive Officer

MEI · METHODE ELECTRONICS INC

Effective: 2024-05-01
Successor: Kevin Nystrom
Filed: May 7, 2024, 7:59 PM ET

On May 1, 2024, Avi Avula, the Chief Executive Officer of Methode Electronics, Inc. (the “Company”), informed the Company’s Board of Directors of his decision to resign, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Kevin Nystrom was appointed as Interim Chief Executive Officer at METHODE ELECTRONICS INC.

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

the Company has arranged for Kevin Nystrom to serve as the Company’s interim Chief Executive Officer.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Avi Avula resigned as Chief Executive Officer at METHODE ELECTRONICS INC.

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On May 1, 2024, Avi Avula, the Chief Executive Officer of Methode Electronics, Inc. (the “Company”), informed the Company’s Board of Directors of his decision to resign, effective immediately.

View on SEC.gov

METHODE ELECTRONICS INC filing history →

Source: SEC EDGAR

accession 0000950170-24-053787

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