UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 28, 2020, Arrow Electronics, Inc., (the “Company”), issued a press release stating that Sean J. Kerins has been named chief operating officer of the Company and Kristin D. Russell has been named president of the global enterprise computing solutions business.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference into this Item 5.02.
Mr. Kerins, age 58, had served as the president of Arrow Global Enterprise Computing Solutions for more than five years. Mr. Kerins has no family relationship with any director or executive officer of the Company. Mr. Kerins does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
In connection with Mr. Kerins’ appointment as chief operating officer, Andy King will retire, effective December 31, 2020, from the position of president, global components. In order to best protect the Company’s competitive market interests following Mr. King’s departure, the Company has negotiated enhanced restrictive covenants in consideration for providing to Mr. King payments and benefits as set forth in the Company’s executive severance policy on file with the SEC in the event of termination without cause, as well as the December 2019 accrued value of his pension benefits payable in September 2023 and September 2024 conditioned upon his strict abidance by all such enhanced restrictive covenants through the date of such future payments.
| Item 9.01 | Financial Statements and Exhibits |
(d) EXHIBITS
| 99.1 | Press release dated December 28, 2020. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARROW ELECTRONICS, INC. | ||||
| Date: | December 28, 2020 | By: | /s/ Carine Jean-Claude | |
| Name: | Carine Jean-Claude | |||
| Title: | Vice President and Interim Chief Legal Officer | |||