CHICAGO, IL – Methode Electronics Inc . (NYSE:MEI), a manufacturer of electronic connectors, announced the results of its annual stockholder meeting held on September 11, 2024. The meeting saw stockholders vote on several key proposals, including the election of directors and the ratification of the company's independent auditor.
In the election of directors, ten individuals were chosen to serve until the next annual meeting or until their successors are elected and qualified. The directors elected include David P. Blom, Therese M. Bobek, Brian J. Cadwallader, Bruce K. Crowther, Darren M. Dawson, Jonathan B. DeGaynor, Janie Goddard, Mary A. Lindsey, Angelo V. Pantaleo, and Mark D. Schwabero. The results for each director varied, with the majority receiving substantial support from the voting stockholders.
Additionally, the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending May 3, 2025, was ratified, receiving a significant majority of the votes.
The non-binding advisory vote on the compensation of named executive officers, commonly referred to as "Say-on-Pay," also passed, although with a higher number of votes against and abstentions compared to the other proposals.
The results of the voting indicate stockholder confidence in the current board and management team's financial oversight, as well as their approval of the executive compensation plan.
Methode Electronics, incorporated in Delaware and headquartered in Chicago, Illinois, has its common stock listed on the New York Stock Exchange under the ticker symbol MEI. The company's business address and principal executive offices are located at 8750 West Bryn Mawr Avenue, Chicago, Illinois.
In other recent news, Methode Electronics has reported a challenging first quarter for fiscal 2025, with sales totaling $259 million and an adjusted pre-tax loss of $9 million.
Despite a decrease in sales, the company remains committed to its transformation strategy, focusing on the electric vehicle (EV) sector which contributed 18% to the quarter's revenue. The company is in the process of launching over 30 programs in the next two fiscal years, aiming for long-term value creation.
Methode Electronics expects net sales in fiscal 2025 to be similar to the previous year and anticipates a return to profitable organic sales growth in fiscal 2026. Recent developments include addressing operational issues in its Mexican facilities and planning for an increase in net sales and pre-tax income in fiscal 2026. However, the company experienced a negative free cash flow of $2.7 million and delays in program launches which impacted inventory levels.
In a leadership change, Methode Electronics has appointed Mark Schwabero as its new chairman of the board, following the retirement of Walter Aspatore.
This leadership change is based on a press release statement from Methode Electronics and reflects the company's ongoing management evolution. Despite these challenges, Methode Electronics remains optimistic about its growth, especially in the EV market.
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