TE Connectivity plc (TEL): restructuring charge — TE Connectivity board approves $250M restructuring charges for FY2023

Yong Nam has reached the Board’s retirement age and therefore, in accordance with the Board’s retirement policy, was not nominated for re-election as a director of the Company at the Annual General Meeting of Shareholders of the Company held on March 15, 2023

On March 16, 2023, the Board of Directors of TE Connectivity Ltd. (the “Company”) approved incremental restructuring actions to broaden the scope of its fiscal 2023 cost structure initiatives across the Transportation Solutions, Industrial Solutions and Communications Solutions segments. The Company expects to incur total restructuring charges, which are primarily comprised of employee related termination benefits, of approximately $250 million during fiscal year 2023, of which $104 million was incurred during the first three months of fiscal 2023.

Agenda Item No. 2. Election of Thomas J. Lynch as the Chairman of the Board of Directors: A total of 265,254,875 shares (98.58%) were voted for and 3,811,926 shares (1.42%) were counted as voted against the election of Thomas J. Lynch as the Chairman of the Board of Directors.

Agenda Item No. 1. Election of twelve (12) directors: 1.1 Jean-Pierre Clamadieu A total of 267,883,158 shares (99.56%) were voted for and 1,192,760 shares (0.44%) were counted as voted against this director. Additionally, there were 142,759 abstentions and 12,289,546 broker non-votes with respect to this proposal which are not considered votes cast and do not affect the outcome of the vote.

Agenda Item No. 3. Election of the individual members of the Management Development and Compensation Committee: 3.1 Abhijit Y. Talwalkar A total of 253,765,720 shares (94.32%) were voted for and 15,280,051 shares (5.68%) were counted as voted against the election of this director as a member of the Management Development and Compensation Committee.