TE Connectivity (TEL) Names Bob Hau as New CFO; Preliminary Q3 EPS In-Line with Views


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July 17, 2012 7:12 AM EDT Send to a Friend
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Price: $46.87 +1.52%

EPS Growth %: +11.8%

Financial Fact:
Operating income: 293M

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TE Connectivity Ltd. (NYSE: TEL) today announced the following changes to its leadership team:
  • Terrence Curtin, Executive Vice President and Chief Financial Officer, has been named President, Industrial Solutions. This new segment will include TE's Industrial, Energy, and Aerospace, Defense and Marine businesses.

  • Robert (Bob) Hau will succeed Mr. Curtin as Executive Vice President and Chief Financial Officer. Mr. Hau joins TE from Lennox International, where he most recently served as Executive Vice President and Chief Financial Officer. Prior to his tenure at Lennox, he was at Honeywell International, where he last served as CFO of Honeywell's Aerospace Business Group.

  • Joe Donahue, Executive Vice President, Chief Operating Officer and President, Transportation Solutions, has been appointed President, Network Solutions, succeeding Alan Clarke who will retire at the end of the calendar year. The Network Solutions segment includes TE's Telecom Networks, Data Communications, Enterprise Networks and Subsea Communications businesses.

  • Steve Merkt will succeed Mr. Donahue and has been promoted to President, Transportation Solutions. He previously served as President of TE's Automotive business.

  • James O'Toole will continue to serve as President of the Company's Consumer Solutions businesses (Consumer Devices and Appliance), which will now become a stand-alone segment.
The Company is also providing the following preliminary results for its fiscal third quarter ended June 29, 2012.
  • Sales were $3.5 billion, versus views calling for revs of $3.58 billion;

  • Diluted Earnings Per Share from Continuing Operations (GAAP EPS) are expected to be approximately $0.60;

  • Adjusted EPS are expected to be $0.79. The Street sees EPS of $0.79.


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