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Posted 30 August, 2021

TELEDYNE TECHNOLOGIES INC appointed new CEO

CEO Change detected for ticker NYSE:TDY in a 8-K filed on 30 August, 2021.


  (b) On August 30, 2021, Teledyne Technologies Incorporated ("Teledyne") announced that Aldo Pichelli, Teledyne's President and Chief Executive Officer, would retire on December 31, 2021, and that Robert Mehrabian, currently Teledyne's Executive Chairman, would resume his role as Chairman, President and Chief Executive Officer of Teledyne, effective as of October 15, 2021.  

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Overview of TELEDYNE TECHNOLOGIES INC
Industrial Goods • Precision Products
Teledyne Technologies, Inc. engages in the provision of electronic and communication products for wireless and satellite systems. It operates through the following business segments: Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. The Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial, and other applications, and electronic test and measurement equipment. The Digital Imaging segment includes high-performance sensors, cameras, and systems within the visible, infrared, ultraviolet, and X-ray spectra. The Aerospace and Defense Electronics segment offers electronic components and subsystems, data acquisition and communications components and equipment, harsh environment interconnects, and general aviation batteries. The Engineered Systems segment consists of systems engineering, integration and advanced technology development, and complex manufacturing solutions. The company was founded in 1960 and is headquartered in Thousand Oaks, CA.
Market Cap
$23.3B
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TELEDYNE TECHNOLOGIES INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers


(b) On August 30, 2021, Teledyne Technologies Incorporated ("Teledyne") announced that Aldo Pichelli, Teledyne's President and Chief Executive Officer, would retire on December 31, 2021, and that Robert Mehrabian, currently Teledyne's Executive Chairman, would resume his role as Chairman, President and Chief Executive Officer of Teledyne, effective as of October 15, 2021. 


Teledyne also announced that effective as of October 15, 2021, Jason VanWees, currently Teledyne's Executive Vice President, would assume the office of Vice Chairman, with management oversight responsibility for strategy, mergers and acquisitions, investor relations and margin improvement, and that George C. Bobb, III, currently Teledyne's Vice President and President of Teledyne's Aerospace and Defense Electronics segment, would assume the title of Senior Vice President, with management oversight responsibility for the Aerospace and Defense Electronics segment, the Marine Instrumentation Group, Teledyne Scientific & Imaging LLC, and the information technology function.


Teledyne previously announced on May 14, 2021, in connection with the acquisition by Teledyne of FLIR Systems, Inc., that Edwin Roks, President of Teledyne's Digital Imaging segment, was promoted to Executive Vice President of Teledyne.


A copy of the press release announcing the foregoing management changes is attached as Exhibit 99.1 to this Current Report on Form 8-K.


(e) On August 27, 2021, the Personnel and Compensation Committee of Teledyne's Board of Directors (the "Committee") took the following actions with respect to the compensation of the Named Executive Officers identified in Teledyne's 2021 Proxy Statement: 


1. Robert Mehrabian, Executive Chairman (Chairman, President and Chief Executive Officer effective October 15, 2021):


Effective October 15, 2021, Dr. Mehrabian's annual base salary will increase from $900,000 to $1,100,000, his Annual Incentive Plan (AIP) target as a percentage of base salary will increase from 120% to 150% (to be prorated for 2021), his Performance Plan target as a percentage of base salary will increase from 100% to 160% (to be prorated for the 2021-2023 performance cycle), the percentage of base salary used to calculate his Restricted Stock Award will increase from 100% to 160% (beginning with awards granted in 2022), and the fair value of his annual stock option grant will increase from $900,000 to $1,760,000 (beginning with awards granted in 2022). 


In addition, the Committee granted to Dr. Mehrabian a one-time stock option award, to be issued on October 15, 2021, having a fair value equal to $860,000, with an exercise price equal to the closing price of Teledyne common stock on October 15, 2021. 


On August 27, 2021, Teledyne and Dr. Mehrabian entered into a Seventh Amended and Restated Employment Agreement, memorializing the changes in his title and compensation discussed above. A copy of the Seventh Amended and Restated Employment Agreement with Dr. Mehrabian is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.


2. Jason VanWees, Executive Vice President (Vice Chairman effective October 15, 2021)


Effective October 15, 2021, Mr. VanWees' annual base salary will increase from $448,800 to $535,000, his AIP target as a percentage of base salary will increase from 75% to 80% (to be prorated for 2021), his Performance Plan target as a percentage of base salary will increase from 41.7% to 45% (to be prorated for the 2021-2023 performance cycle), and the fair value of his annual stock option grant will increase from $726,600 to $800,000 (beginning with awards granted in 2022). 


In addition, the Committee granted to Mr. VanWees a one-time stock option award, to be issued on October 15, 2021, having a fair value equal to $73,400, with an exercise price equal to the closing price of Teledyne common stock on October 15, 2021. 


3. Susan L. Main, Senior Vice President and Chief Financial Officer


Effective October 15, 2021, Ms. Main's annual base salary will increase from $479,000 to $530,000, her AIP target as a percentage of base salary will increase from 75% to 80% (to be prorated for 2021), her Performance Plan target as a percentage of base salary will increase from 41.7% to 45% (to be prorated for the 2021-2023 performance cycle), and the fair value of her annual stock option grant will increase from $726,600 to $800,000 (beginning with awards granted in 2022). 


In addition, the Committee granted to Ms. Main a one-time stock option award, to be issued on October 15, 2021, having a fair value equal to $73,400, with an exercise price equal to the closing price of Teledyne common stock on October 15, 2021. 


4. Melanie S. Cibik, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary


Effective October 15, 2021, Miss Cibik's annual base salary will increase from $437,300 to $480,000, her AIP target as a percentage of base salary will increase from 60% to 75% (to be prorated for 2021) and her Performance Plan target as a percentage of base salary will increase from 41.7% to 45% (to be prorated for the 2021-2023 performance cycle).


In making the compensation adjustments described above, the Committee considered general industry and industry peer compensation information provided by independent compensation consultants, executive performance, promotions and increased responsibilities, including with respect to Teledyne's recent acquisition of FLIR Systems, Inc., and other factors.


Also on August 27, 2021, Teledyne and Mr. Pichelli entered into Amendment Number 2 to Mr. Pichelli's Employment Agreement, pursuant to which Mr. Pichelli agreed to relinquish his title of President and Chief Executive Officer effective October 15, 2021, and confirmation that he agreed to forego an annual option grant for 2021. A copy of Amendment Number 2 to Mr. Pichelli's Employment Agreement is attached as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.