Item 2.02 Results of Operations and Financial Condition.
On January 26, 2022, Plexus Corp. ("we" or the "Company") announced results for
the fiscal first quarter ended January 1, 2022. A copy of the Company's related
press release is furnished as Exhibit 99.1 to this report.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 26, 2022, the Company announced the appointment of Steven J. Frisch
to President and Chief Strategy Officer and Oliver K. Mihm to Executive Vice
President and Chief Operating Officer, with each appointment effective
immediately. With his promotion, Mr. Frisch assumes the responsibilities of
driving the long-term growth of the enterprise, innovation across the Company's
global operations and the execution of the Company's strategy. These
responsibilities include oversight of the Company's go-to-market, manufacturing
technology, engineering solutions, quality, and information technology
organizations. With his promotion, Mr. Mihm assumes the responsibilities of
ensuring global operational alignment and execution, including oversight of the
Company's regional operations and the aftermarket services and supply chain
organizations. Messrs. Frisch and Mihm will report to Todd Kelsey, who will
continue as Chief Executive Officer with his responsibilities unchanged.
Mr. Frisch, age 55, joined Plexus in 1990 as a design engineer. Since 2016, Mr.
Frisch has served as Executive Vice President and Chief Operating Officer. Prior
to that appointment, Mr. Frisch served in various roles including Executive Vice
President and Chief Customer Officer, Executive Vice President - Global Customer
Services, and Regional President - EMEA, led the Company's Global Engineering
Solutions and held various leadership positions across the Company. Mr. Frisch
holds a bachelor's degree in electrical engineering and technology from the
Milwaukee School of Engineering, a master's degree in electrical engineering and
computer science from Marquette University and a master's degree in business
administration from the University of Wisconsin-Madison.
Mr. Mihm, age 50, joined Plexus in 2000 as a design engineer. Since 2020, Mr.
Mihm has served as Executive Vice President - Global Supply Chain and
Operational Solutions, previously serving as Executive Vice President Supply
Chain since 2019. From 2015 to 2019, Mr. Mihm served as Regional President -
EMEA. Prior to that, Mr. Mihm was Industrial Market Sector Vice President, led
the Company's Global Engineering Solutions business and held various leadership
roles within the Company's Engineering Solutions organization. Mr. Mihm holds a
bachelor's degree in electrical and electronics engineering from the
Pennsylvania State University College of Engineering and a master's degree in
business administration with a specialization in international business from
Marquette University.
The Compensation and Leadership Development Committee of the Board of Directors
of the Company approved compensation arrangements for Messrs. Frisch and Mihm in
their new positions. For information regarding Mr. Frisch's current
compensation, see the Company's Definitive Proxy Statement for its 2022 annual
meeting of shareholders, which was filed with the Securities and Exchange
Commission on December 17, 2021. Mr. Frisch's salary will be $625,000 for 2022,
his target payout under the Company's annual cash incentive plan (the Variable
Incentive Compensation Plan, or VICP) will be 85%, and he will receive grants of
10,960 RSUs and 10,150 PSUs under the Company's equity incentive plan for the
fiscal year. Mr. Mihm's base salary will be $480,000 for fiscal 2022, his target
--------------------------------------------------------------------------------
payout under the VICP will be 75%, and he will receive grants of 6,580 RSUs and
6,090 PSUs under the Company's equity incentive plan for the fiscal year.
There are no arrangements or understandings between Messrs. Frisch and Mihm and
any other person pursuant to which they were selected to serve in the roles
described above, nor do either of these individuals have any familial
relationship with any director or executive officer of the Company. There are
not any transactions in which Messrs. Frisch or Mihm has an interest requiring
disclosure under Item 404(a) of Regulation S-K.
A copy of the Company's related press release is furnished as Exhibit 99.2 to
this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are filed herewith:
Exhibit Number Description
99.1 Earnings release issued by Plexus Corp., dated January 26, 2022
99.2 Press release issued by Plexus Corp., dated January 26, 2022
104 Cover Page Interactive Data File (the cover page tags are embedded within
the Inline XBRL document)
--------------------------------------------------------------------------------
* * * * *
© Edgar Online, source Glimpses
PLEXUS CORP. 
