--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-23-032991" form_type: "8-K" ticker: "TEL" cik: "0001385157" company_name: "TE Connectivity plc" filed_at: "2023-03-16T23:59:59+00:00" generated_at: "2026-06-18T00:20:30.905463+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.7 calibrated_materiality_score: 0.7 confidence: "high" source: SEC EDGAR --- # TE Connectivity board approves $250M restructuring charges for FY2023 ## Summary - Restructuring charges of ~$250M in FY2023, with $104M already incurred in first three months. - Actions span Transportation, Industrial, Communications segments; expected completion by FY2025. - Cash spending of ~$250M to be funded from operations; $34M spent in first three months. - Director Yong Nam not re-elected due to retirement age policy. - AGM approved $2.36/share dividend (four quarterly $0.59 payments) and share repurchase authorization. ## SEC filing metadata - accession: 0001104659-23-032991 - form_type: 8-K - ticker: TEL - cik: 0001385157 - company_name: TE Connectivity plc - filed_at: 2023-03-16T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.7 - calibrated_materiality_score: 0.7 - confidence: high - sec_items: 2.05, 5.02, 5.07 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1385157/000110465923032991/0001104659-23-032991-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1385157/000110465923032991/tm239655d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-23-032991 - JSON: https://secwatch.observer/filing/0001104659-23-032991.json - Plain text: https://secwatch.observer/filing/0001104659-23-032991.txt ## Key facts - Executive change Yong Nam departed as Director at TE Connectivity plc. - Action: not nominated for re-election - Role: Director source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1385157/000110465923032991/0001104659-23-032991-index.htm - Restructurings & Charges TE Connectivity plc announced a restructuring with charges of approximately $250 million affecting Transportation Solutions, Industrial Solutions and Communications Solutions segments (primarily comprised of employee related termination benefits). - Type: restructuring - Charge: approximately $250 million - Affected area: Transportation Solutions, Industrial Solutions and Communications Solutions segments - Headcount: primarily comprised of employee related termination benefits source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1385157/000110465923032991/0001104659-23-032991-index.htm - Shareholder Votes TE Connectivity plc shareholders approved Election of Thomas J. Lynch as the Chairman of the Board of Directors at the 2023-03-15 meeting. - Outcome: passed - Meeting: 2023-03-15 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1385157/000110465923032991/0001104659-23-032991-index.htm - Shareholder Votes TE Connectivity plc shareholders approved Election of twelve directors at the 2023-03-15 meeting. - Proposal: director election - Outcome: passed - Meeting: 2023-03-15 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1385157/000110465923032991/0001104659-23-032991-index.htm - Shareholder Votes TE Connectivity plc shareholders approved Election of the individual members of the Management Development and Compensation Committee at the 2023-03-15 meeting. - Outcome: passed - Meeting: 2023-03-15 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1385157/000110465923032991/0001104659-23-032991-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.