On November 15, 2022, Teradyne, Inc. was notified of the decision by Mark E. Jagiela to retire as Chief Executive Officer of the Company and as a member of the Company's Board of Directors effective February 1, 2023. On November 15, 2022, Teradyne, Inc. was notified of the decision by Mark E. Jagiela to retire as a member of the Company's Board of Directors effective February 1, 2023. On November 15, 2022, Teradyne, Inc. appointed Gregory S. Smith the Chief Executive Officer of the Company effective February 1, 2023, replacing Mark E. Jagiela.

Mr. Smith also has been appointed to the Company's Board of Directors effective February 1, 2023. Mr. Smith, 59, joined Teradyne in 2006 and has served as President of the Company since July 2022 and President of the Company's Industrial Automation Group since 2020. Mr. Smith served as President of the Company's Semiconductor Test Division from 2016 to 2020.

In January 2023, as part of its annual review of executive compensation, the Company's Board of Directors will review Mr. Smith's compensation in connection with his appointment as Chief Executive Officer of the Company.