Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Retirement and Resignation of M.F. (Fran) Keeth as Director; Appointment of
Stephen Patrick as Audit Committee Chair
On May 27, 2021, M.F. (Fran) Keeth, one of the non-employee directors of Arrow
Electronics, Inc. (the "Company"), announced her retirement and tendered her
resignation from the Company's Board of Directors (the "Board") effective June
1, 2021, which has been accepted by the Board. Ms. Keeth has served on the Board
since 2004. Ms. Keeth did not resign as a result of any disagreement with the
Company on any matter relating to its operations, policies or practices.
On June 1, 2021, the Board appointed Stephen Patrick as Chair of the Board's
Audit Committee, effective immediately, to fill the vacancy left by Ms. Keeth,
the previous Audit Committee Chair, following her retirement and resignation.
(d) Appointment of Fabian Garcia as Director
On June 1, 2021, the Board appointed Fabian Garcia, age 61, to the Board,
effective immediately. Mr. Garcia fills the vacancy created by Ms. Keeth's
retirement and resignation. He will serve for a term continuing until the
Company's 2022 annual meeting of shareholders and until his successor has been
duly elected and qualified, or until his earlier resignation or removal. The
Board has also approved Mr. Garcia's appointment to the Corporate Governance
Committee of the Board. The Board has affirmatively determined that Mr. Garcia
qualifies as an "independent director" under the applicable New York Stock
Exchange rules.
Mr. Garcia currently serves as president of Unilever North America and is a
member of the Unilever Leadership Executive Team. Prior to joining Unilever, Mr.
Garcia was president and chief executive officer of Revlon, Inc. from 2016 to
2018, where he led Revlon's transformation into a digitally competitive
enterprise while integrating a transformative acquisition and restoring health
to iconic consumer brands. Previously, Mr. Garcia served in roles of increasing
responsibility spanning marketing, customer development, global supply chain,
and business services at Colgate-Palmolive Company, culminating in his position
as chief operating officer responsible for global innovation and growth. Mr.
Garcia is a member of the Council of Foreign Affairs and previously served as a
director of Kimberly-Clark Corporation.
In Mr. Garcia's role as director, he will be eligible to participate in the
director compensation plans and arrangements available to the Company's
independent directors. The Company's director compensation program is described
under the caption "Director Compensation " in the Company's proxy statement
for its 2021 Annual Meeting of Shareholders filed with the Securities and
Exchange Commission on April 1, 2021 , which description is incorporated herein
by reference. In addition, Mr. Garcia and the Company have entered into the
Company's standard form indemnification agreement.
There are no arrangements or understandings between Mr. Garcia and any other
person pursuant to which Mr. Garcia was appointed as a director. There are no
family relationships between Mr. Garcia and any director or executive officer of
the Company, and Mr. Garcia has no direct or indirect material interest in any
"related party" transaction required to be disclosed pursuant to Item 404(a) of
Regulation S-K.
A copy of the press release announcing the appointment of Mr. Garcia to the
Board is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description
99.1 Press release issued by Arrow Electronics, Inc. dated June 2, 2021.
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