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Posted 14 November, 2023

STRATTEC SECURITY CORP appointed new CEO

CEO Change detected for ticker Nasdaq:STRT in a 8-K filed on 14 November, 2023.


  On November 13, 2023, STRATTEC SECURITY CORPORATION (the "Company") announced that Frank J. Krejci, President and Chief Executive Officer, will retire from employment with the Company and resign from the Company's Board of Directors ("Board") effective December 31, 2023.  

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Overview of STRATTEC SECURITY CORP
Automotive • Motor Vehicle Parts
STRATTEC Security Corp. engages in the designing, development, manufacturing and marketing of automotive access control products. Its products include mechanical and electronically enhanced locks and keys, steering column and instrument panel ignition lock housings, latches, power sliding side doors, power lift gates, power deck lids, and door handles. The firm also offers zinc die casting, metal stamping, and metal plating. The company was founded in 1995 and is headquartered in Milwaukee, WI.
Market Cap
$101M
View Company Details
STRATTEC SECURITY CORP by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On November 13, 2023, STRATTEC SECURITY CORPORATION (the "Company") announced that Frank J. Krejci, President and Chief Executive Officer, will retire from employment with the Company and resign from the Company's Board of Directors ("Board") effective December 31, 2023. Mr. Krejci has served as President and Chief Executive Officer since September 1, 2012. The Company also announced that Rolando J. Guillot, Senior Vice President - Operations and Chief Operating Officer, has been named to serve as Interim President and Chief Executive Officer effective January 1, 2024 in addition to his current role. The Company will engage a leading executive search firm to conduct a formal search to identify a successor to Mr. Krejci as soon as possible.


Mr. Guillot has served as Chief Operating Officer since March 2023 and as Senior Vice President - Operations since December 2016. Mr. Guillot will be provided a monthly stipend of $18,000 in addition to his current base salary during the period in which he serves as Interim President and Chief Executive Officer. There are no other material changes to Mr. Guillot's compensatory arrangements expected to result from his appointment as Interim President and Chief Executive Officer. The selection of Mr. Guillot to serve as the Company's Interim President and Chief Executive Officer was not pursuant to any arrangement or understanding with respect to any other person. In addition, there are no family relationships between Mr. Guillot and any other director or executive officer of the Company, and there are no related person transactions between the Company and Mr. Guillot reportable under Item 404(a) of Regulation S-K.


The Company and Mr. Krejci are in the process of finalizing the material terms of a retirement and release agreement and intend to enter into such agreement as soon as practicable. The agreement will be filed as an exhibit to a subsequent amendment to this Current Report on Form 8-K.