Sensata Technologies Holding plc (NYSE:ST), a global industrial technology company, announced the departure of a key executive and the results of its recent shareholder meeting in a recent 8-K filing with the Securities and Exchange Commission.
Executive Vice President Jennifer L. Slater, who has been overseeing the Performance Sensing, Vehicles Business Unit, will resign from her position effective June 28, 2024. Slater's exit is not due to any disagreements with the company's operations, policies, or practices but to pursue other opportunities. She will assist in the transition of her responsibilities until her departure date.
In addition, the company held its Annual General Meeting of Shareholders on Tuesday, where a series of resolutions were voted upon. Shareholders overwhelmingly supported the election of all director nominees for one-year terms, with Andrew C. Teich and John Mirshekari receiving notable majorities. The compensation of the named executive officers and the Director Compensation Report were also approved.
Deloitte & Touche LLP has been ratified as the company's independent registered public accounting firm for the fiscal year 2024, and as the U.K. statutory auditor. Shareholders authorized the Audit Committee to determine the auditor's reimbursement.
The meeting also saw approval for the receipt of the company's 2023 Annual Report and Accounts, and a special resolution passed to approve the form of share repurchase contracts and repurchase counterparties.
Furthermore, resolutions were approved authorizing the Board of Directors to issue equity securities, with and without preemption rights, under the U.K. Companies Act. This includes the authority to issue equity shares under the company's equity incentive plans.
The information presented in this article is based on the press release statement from Sensata Technologies Holding plc.
In other recent news, Sensata Technologies has announced its intention to offer $500 million in senior notes through its subsidiary. The net proceeds from the notes, along with available cash, will be allocated to redeem STBV's 5.000% senior notes due in 2025. In tandem with these developments, Sensata Technologies has received an upgrade from Evercore ISI, moving from an "In Line" to "Outperform" rating, with a raised price target of $60.00.
Further, Baird increased its price target for Sensata Technologies shares to $47.00 in response to the company's recent cooperation agreement with Elliott Investment Management. Truist Securities also increased its price target for Sensata from $36.00 to $46.00, following the company's first-quarter earnings surpassing expectations.
Lastly, BofA Securities adjusted its outlook on Sensata Technologies, increasing the price target to $44 from the previous $38, while maintaining a Neutral rating. The revision follows Sensata's announcement of its first-quarter results and significant corporate changes, including a CEO transition, a new stake by Elliott Management, and the addition of Phillip Eyler to the Board.
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