Methode CEO Donald Duda to retire; external successor search begun

METHODE ELECTRONICS INC

CEO Donald Duda will retire once a successor is found, expected after fiscal 2024 (April 2024).
Board has engaged Spencer Stuart for external CEO search; transition should conclude in fiscal 2025.
Duda to receive $350K/month consulting fee for 9 months post-retirement, subject to non-compete.
Duda led Methode for 19 years, growing sales from $359M (FY2004) to $1.2B (FY2023).
Q1 FY2024 results due Sept 7, 2023; Duda will continue as CEO until new hire.

item 5.02 item 7.01 item 9.01

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Departed

Donald W. Duda

President and Chief Executive Officer

MEI · METHODE ELECTRONICS INC

Filed: August 31, 2023, 7:59 PM ET

On August 31, 2023, Methode Electronics, Inc. (the “Company”) announced that Donald W. Duda, its President and Chief Executive Officer, plans to retire once a successor is found.

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Executive change SEC 8-K Item 5.02 confidence 1.0

Donald W. Duda departed as President and Chief Executive Officer at METHODE ELECTRONICS INC.

Action: plans to retire
Role: President and Chief Executive Officer

Exact text from the filing

On August 31, 2023, Methode Electronics, Inc. (the “Company”) announced that Donald W. Duda, its President and Chief Executive Officer, plans to retire once a successor is found.

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Source: SEC EDGAR

accession 0001140361-23-042081

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