UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 17, 2017
BENCHMARK ELECTRONICS, INC.
(Exact name of registrant as specified in its charter)
|
Texas (State or other jurisdiction of incorporation) |
1-10560 (Commission File Number) |
74-2211011 (I.R.S. Employer Identification No.) |
4141 N. Scottsdale Road, Ste. 300, Scottsdale, Arizona 85251
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (480) 372-4365
3000 Technology Drive, Angleton, Texas 77515
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defned in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 17, 2017, Benchmark Electronics, Inc. (the “Company”) issued a press release announcing the appointment of Michael D. Buseman, age 56, as Executive Vice President of Global Operations. His appointment will be effective August 7, 2017.
Mr. Buseman served as Chief Global Logistics and Operations Officer of Avnet, Inc., a global electronics components company, from November 2013 to July 2017. From 2007-November 2013, he was Executive Vice President of Global Manufacturing Operations of Plexus Corp., having served as its Vice President of Global Technology, Quality and Facilities since 2006. Mr. Buseman previously served as Vice President and General Manager of Operations of Celestica, Inc., as well as its Director, Operations, Engineering, and Technology. He began his career in 1983 with Unisys, Inc., holding positions of increasing responsibility, including Principal Process Engineer and Director of Advanced Design Manufacturing Services. Mr. Buseman holds a BS in Mechanical Engineering from South Dakota State University and an MBA from the University of St. Thomas, Minnesota.
Mr. Buseman’s compensation will include the following:
· a base salary of $400,000 per year;
· participation in the Company’s executive annual incentive compensation plan with a target incentive award of 75% of his base salary, on the same terms and conditions as the other executives of the Company participating in such plan, which will be prorated for 2017;
· participation in the Company’s Deferred Compensation Plan, executive health screening, health club reimbursement, tax planning reimbursement and other health and benefit programs the Company offers to its executives on the same terms and conditions as the other executives participating in such Plan and programs;
· a sign-on award of $75,000 in partial consideration for benefits forfeited at his prior employer, which he may defer, and which would be forfeited pro rata if he left the Company within one year following his start date;
· an award of restricted stock units pursuant to the Company’s 2010 Omnibus Incentive Compensation Plan, as amended (the “Plan”) with a fair market value of $350,000 based on the closing price of the Company’s common stock on his start date, which will be scheduled to vest in equal annual installments of 25%; and
· an award of performance-based restricted stock units (“PSUs”) pursuant to the Plan with a fair market value of $350,000 based on the closing price of the Company’s common stock on his start date, which will be scheduled to vest on the same date and subject to the same performance criteria as the PSUs awarded to the Company’s other executives earlier this year.
Item 8.01. Other Events.
On July 17, 2017, the Company issued a press release relating to the matters described under Item 5.02. The press release is incorporated herein by reference to Exhibit 99.1 filed herewith.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 Press Release
-1-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
BENCHMARK ELECTRONICS, INC. |
|
Dated: July 18, 2017 |
By: /s/ Donald F. Adam |
|
|
Donald F. Adam |
|
|
Chief Financial Officer |
|
|
|
-2-
|
EXHIBIT INDEX |
||
|
|
|
|
|
Exhibit |
|
|
|
Number |
|
Description of Exhibit |
|
|
|
|
|
99.1 |
|
Press release |
SCOTTSDALE, AZ, July 17, 2017 – Benchmark Electronics, Inc. (NYSE: BHE), a global provider of manufacturing, engineering and design services, today announced the appointment of Michael Buseman as Executive Vice President of Global Operations effective August 7, 2017. Mr. Buseman will be based in the Company’s new corporate headquarters in Scottsdale, Arizona and will have responsibility for all worldwide manufacturing operations. Mr. Buseman replaces Jon King, who will remain with the Company in an advisory role.
“We are excited to welcome Mike to the Benchmark team,” said Paul Tufano, Benchmark’s President and CEO. “Mike is an accomplished executive with broad experience in operations, quality and customer relationship management. Mike’s leadership will be instrumental as we continue to reposition the Company for future growth.”
Mr. Buseman brings over 30 years of experience into this role and most recently served as Chief Global Logistics and Operations Officer of Avnet Corporation, a global electronics components company. Prior to that, he was Executive Vice President of Operations with Plexus Corporation and served in a variety of engineering and operations roles for Celestica and Unisys. Mr. Buseman holds a Bachelor’s degree in Mechanical Engineering from South Dakota State University and a Master’s in Business Administration from The University of St. Thomas in Minnesota.
Mr. Buseman noted, “I am delighted to be joining Benchmark and returning to the EMS industry. Benchmark has tremendous capabilities, and I look forward to working with the global operations team to enhance our customer value proposition, drive an ever higher level of operational excellence and ensure the consistency of customer experience throughout our global network.”
About Benchmark Electronics, Inc.
Benchmark provides worldwide integrated electronics manufacturing services (EMS), engineering and design services, and precision machining services to original equipment manufacturers in the following industries: industrial controls, aerospace and defense, telecommunications, computers and related products for business enterprises, medical devices, and test and instrumentation. Benchmark’s global operations include facilities in seven countries, and its common shares trade on the New York Stock Exchange under the symbol BHE.
For More Information, Please Contact:
Lisa K. Weeks, VP of Strategy & Investor Relations
480-372-4304 or lisa.weeks@bench.com