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TTM Technologies (TTMI) Stock Higher After Announcing Executive Changes

Thursday, May 13, 2021 11:04 AM | Kyle Depontes

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TTM Technologies (TTMI) Stock Higher After Announcing Executive Changes

What is going on with TTMI?

TTM Technologies (TTMI) stock rose today after the global electronics manufacturing company announced that its Chairman of the Board, Robert E. Kattell, had retired from the company at the age of 75. The retirement is based on TTM’s Corporate Governance Policy that proscribes a mandatory retirement for Directors at the age of 75.

The company announced that Rex D. Geveden has been appointed by the unanimous vote of the remaining Directors to serve as the new Chairman. He has served as a Director on TTM’s board since 2018 and currently is the president and CEO of BWX Technologies, a nuclear industrial conglomerate.

Shares of TTM increased 0.68% to $14.82 as of Thursday at 10:35am.

What does this mean for TTM Technologies?

Robert Kattel's departure will be seen as a huge loss for the company as Kattell had served as Chairman since 2005. However, Tom Edman, TTM's President and CEO, described Geveden as having an "extensive background in industrial technology, coupled with experience in the aerospace and defense sector." Geveden was previously executive vice president at Teledyne Technologies. He also spent time at NASA, where he worked for 17 years as an Associate Administrator.

Tom Edman stated, “We are very appreciative of the exceptional service of Rob Klatell over the years. We have benefitted immeasurably from his leadership as the Board’s Chairman and his many other contributions to the success of TTM, particularly as we strengthened our company through strategic acquisitions and divestitures aimed at further differentiating our leading position in the PCB industry."

Overall Score - 64

TTMI has an Overall Score of 64. Find out what this means to you and get the rest of the rankings on TTMI!

TTM Technologies Inc manufactures printed circuit boards. The company is based in the United States and derives roughly half of its revenue domestically. The company organises itself into two segments: printed circuit boards and electro-mechanical solutions. The printed circuit boards segment, which contributes the majority of revenue, offers a range of printed circuit boards as well as layout design and simulation and testing services. TTM Technologies' products are used in manufacturing, networking, telecommunications, computing, aerospace, and medical fields.

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