Sensata Technologies Announces CEO Transition, Governance Enhancements

Sensata Technologies Holding plc (NYSE: ST) today announced that Jeff Cote, Chief Executive Officer and President of Sensata Technologies, has informed the Board of Directors of his intention to retire as CEO and President and step down as a member of the Sensata Board, effective April 30, 2024. The Board of Directors has appointed Martha Sullivan as Interim President and CEO and has established a CEO Search Committee to identify a new permanent CEO.

CEO Transition

Regarding Jeff Cote’s decision to retire, Sensata Chairman Andrew C. Teich said, “Sensata is a strong, profitable business that is well-positioned for a bright future in an increasingly electrified world. The Board is grateful for Jeff’s dedication and leadership in positioning the Company to benefit from these opportunities, and we wish him the best in his retirement.”

“I am proud of the progress we have made in helping our customers solve their most challenging engineering and operational issues,” said Cote. “I want to thank our customers, employees, and our shareholders. It was an honor to work alongside Team Sensata as we strove every day to create capabilities that helped transform our end-markets, and position Sensata as a trusted partner.”

Regarding Martha Sullivan’s appointment as Interim President and CEO, Teich added, “Martha’s previous experience as Sensata’s CEO and service as a Board member makes her ideally qualified to assume the Interim CEO role. We are confident that under her leadership, Sensata’s talented team will continue to deliver for our customers and our shareholders as we work to identify and hire our next CEO.”

“It is a privilege to lead Sensata and work alongside our incredibly talented team once again,” said Sullivan. “I am committed to a smooth transition and nurturing the momentum underway as we continue to deliver trusted sensor-rich solutions to our customers.”

The CEO Search Committee is initially comprised of current Sensata Board directors, Andrew Teich, Martha Sullivan, and John Mirshekari. The Committee will undertake the search with the assistance of a leading executive search firm.

New Independent Director Appointment

In addition, following a constructive dialogue with Elliott Investment Management L.P. (together with its affiliates, “Elliott”), Sensata has appointed Phillip Eyler to the Company’s Board. Mr. Eyler will serve on the CEO Search Committee and the Nominating and Governance Committee when he joins the Board on July 1, 2024. With the appointment of Eyler, Sensata’s Board will consist of eleven directors, ten of whom are independent.