Sensata execs see gain from IPO

ATTLEBORO – Sensata Technologies executives have benefited from the company’s recent initial public offering to the tune of $1.9 million.
Six of the former Texas Instruments sensors-and-controls division executives received “discretionary bonuses,” according to the company’s April 5 8-K filing with the Securities and Exchange Commission. The company cited “outstanding performance during 2009” (when the company posted a net loss of $26.99 million, compared with a net loss in 2008 of $134.48 million), as well as “preservation of our capital position, sustained customer relationships during a severe economic downturn and preparation for Initial Public Offering in early 2010.”
The IPO, which took place March 10, yielded the company $569 million, which represented 18 percent of the manufacturer’s ownership stake. The company said at the time that it would use the proceeds to, among other things, pay down debt. In a subsequent filing, the company reported making a redemption offer for all of its 11.25 percent senior subordinated notes due 2014 and $138.55 million of its 8 percent senior notes due 2014.
The breakdown of the bonuses, according to the Attleboro Sun Chronicle was as follows:
• Chairman and CEO Tom Wroe – $750,000
• Chief Financial Officer Jeffrey Cote – $400,000
• Chief Operating Officer Martha Sullivan – $375,000
• Senior Vice President Steve Major – $175,000
• Vice President of Global Operations Richard Dane – $125,000
• Senior Vice President and Controls Global Business Unit Manager Martin Carter – $50,000