TE Connectivity Ltd. (NYSE:TEL), the $14 billion (yearly sales), global maker of electrical connectors, undersea cables, wearable computers, etc. (spun off from Tyco) that's based in Switzerland to avoid U.S. taxes but actually run from offices in Berwyn, has named Terrence Curtin the company's first President, putting him in charge of Connectivity, Sensors, and Mergers & Acquisitions as the company'ss No. 2 reporting to Chairman-CEO Tom Lynch.
Curtin previously headed Industrial Solutions, which at TE Connectivity means aerospace, military, energy, industrial and medical plants with $3.3 billion in yearly sales. Lynch credited Curtin with growing those business and overseeing a string of mergers. Earlier, Curtin wasthe company's Chief Financial Officer and "played a critical role in establishing TE as an independent public company, focusing the portfolio and strengthening the company's financial and operating performance." He's an Albright College accounting graduate and serves as a trustee at that school.
As Curtin moves up he'll be replaced at Industrial Solutions by Kevin Rock, who headed the aerospace-military-oil-and-gas unit, which accounted for almost one-third of the unit under Curtin. Rock oversaw the acquisitions of Deutsch and Seacon Group by TE Connectivity.
The moves leave Joe Donahue still Executive Vice President, Chief Operating Officer, and head of Global Operations, among his other roles. Central departments will continue reporting to Lynch, who said in a statement that the company is "performing very well in an uncertain economy... to capitalize on the world's increasing demand for connectivity."
Curtin said he is "honored by this vote of confidence" and looks forward to boosting TEC sales and "accelerat(ing) the creation of shareholder value." (Revised)
"I am honored by this vote of confidence from Tom and our Board of Directors, and appreciate the opportunity to continue to build upon the strategic pillars put in place with Tom's leadership," said Terrence Curtin, President of TE Connectivity. "We are a leader in the majority of the markets we serve, and we have built a talented and experienced team that is focused on strengthening our position in all markets. I look forward to working with our leaders to build on our success, maximize opportunities across the organization, deepen our position as the world leader in connectivity and sensor solutions and continue to accelerate the creation of shareholder value."
ABOUT TE CONNECTIVITY
TE Connectivity (NYSE: TEL) is a $14 billion global technology leader. Our connectivity and sensor solutions are essential in today's increasingly connected world. We collaborate with engineers to transform their concepts into creations – redefining what's possible using intelligent, efficient and high-performing TE products and solutions proven in harsh environments. Our 80,000 people, including 7,500 design engineers, partner with customers in over 150 countries across a wide range of industries. We believe EVERY CONNECTION COUNTS – www.TE.com.
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SOURCE TE Connectivity Ltd.