8-K: TTM Technologies Appoints Two New Directors

TTM Technologies announced the retirement of two long-serving directors and the appointment of Daniel G. Korte and Ryan D. McCarthy to its Board, effective May 7, 2026.

Summary

• Thomas T. Edman, a Class I Director and former President and CEO, will retire from the Board effective May 7, 2026, following the 2026 annual meeting; his retirement is not due to any disagreement with the company.
• John G. Mayer, a Class III Director, will also retire from the Board effective May 7, 2026, due to reaching the mandatory retirement age of 75 as per the company's Corporate Governance Guidelines.
• Daniel G. Korte has been appointed as a Class I director, effective May 7, 2026, with a term expiring at the 2028 annual meeting, subject to approval from the Defense Counterintelligence and Security Agency (DCSA).
• Ryan D. McCarthy has been appointed as a Class III director, effective May 7, 2026, with a term expiring at the 2027 annual meeting, also subject to approval from the DCSA.
• Both new directors will receive compensation consistent with other non-employee directors, including Restricted Stock Units, and have been determined to be independent under NASDAQ listing standards.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive and well-managed board transition, bringing in highly experienced individuals relevant to TTM's strategic focus, which should be well-received by the market.

Positives

• Appointment of two new independent directors, Daniel G. Korte and Ryan D. McCarthy, bringing diverse and relevant experience to the Board.
• Mr. Korte brings seasoned aerospace and defense executive experience, including leadership roles at PPG Industries, LMI Aerospace, Rolls-Royce Defense Group, and The Boeing Company.
• Mr. McCarthy, the 24th Secretary of the Army, brings extensive aerospace and defense experience, including roles at CACI International, Capitol Meridian Partners, and Lockheed Martin Corporation.
• The retirements of Thomas Edman and John Mayer are part of a planned transition, with Mr. Edman's not being due to disagreement and Mr. Mayer's due to mandatory retirement age, indicating stable governance.

Risks

• Actual events or results may differ materially from forward-looking statements due to various risks and uncertainties beyond the company's control.
• General market and economic conditions, including interest rates, currency exchange rates, and consumer spending.
• Demand for TTM's products.
• Market pressures on prices of TTM's products.
• Warranty claims.
• Changes in product mix.
• Contemplated significant capital expenditures and related financing requirements.
• TTM's dependence upon a small number of customers.
• The appointments of new directors are subject to approval from the Defense Counterintelligence and Security Agency (DCSA) pursuant to a Special Security Agreement.

Future Outlook

The company anticipates that the new directors' experience will bolster the Board's capabilities and help continue its growth trajectory, particularly in the Aerospace and Defense market. Management is energized to lead TTM into the future, driving growth, innovation, and technological advancement.

Management Comments

• "On behalf of the Board and the entire TTM family, we are very appreciative of the exceptional service of Tom Edman and John Mayer over the years." Rex Geveden, Chair of the TTM Board of Directors.
• "I want to thank Tom for his visionary leadership and tireless commitment, and for leaving a distinguished legacy that will continue to shape TTM for years to come." Rex Geveden.
• "TTM has benefitted immeasurably from [John Mayer's] leadership as a Board member and his many other contributions to the success of TTM, especially as it relates to his extensive expertise in PCB manufacturing in the United States." Rex Geveden.
• "We are excited to welcome Dan and Ryan to our Board. We anticipate that Dans prior leadership roles and Chief Executive experience will bolster the Boards capabilities and Ryans experience as the former Secretary of the Army will help us continue our growth trajectory serving the Aerospace and Defense market." Rex Geveden.
• "I would like to extend congratulations and gratitude to Tom Edman for his remarkable 22 years of board leadership, including over a decade as CEO. His dedication shaped the company we are today." Dr. Edwin Roks, TTM's President and CEO.
• "I would also like to thank John Mayer for 26 years of invaluable service." Dr. Edwin Roks.
• "As we welcome two dynamic new board members in Dan and Ryan, I am energized to lead TTM into the future—driving growth, innovation, and technological advancement." Dr. Edwin Roks.

Industry Context

StockSavvy.ai notes that the appointment of Daniel G. Korte and Ryan D. McCarthy, both with extensive backgrounds in aerospace and defense, aligns with TTM Technologies' strategic focus on mission systems, RF components, and advanced interconnect solutions for the defense sector. This move strengthens the company's expertise in a critical growth market, potentially enhancing its competitive positioning against peers in the specialized electronics manufacturing industry.

Management Changes

Corporate Governance

Related Party Transactions

• No arrangements or understandings between Daniel G. Korte and any other persons regarding his appointment, nor does he have any direct or indirect material interest in any transaction required to be disclosed under Item 404(a) of Regulation S-K.
• No arrangements or understandings between Ryan D. McCarthy and any other persons regarding his appointment, nor does he have any direct or indirect material interest in any transaction required to be disclosed under Item 404(a) of Regulation S-K.

Stakeholder Impact

• Shareholders: Benefit from enhanced board expertise, particularly in the aerospace and defense sector, and continued strong corporate governance through planned transitions and independent director appointments.
• Employees: Potential for strengthened strategic direction and growth, especially in key market segments.
• Customers: May benefit from continued innovation and strategic focus, particularly those in the aerospace and defense industry.

Next Steps

• Board committee assignments for Daniel G. Korte and Ryan D. McCarthy will be determined at a later date.
• The appointments are subject to approval from the Defense Counterintelligence and Security Agency (DCSA).

Key Dates

Recommendation

The filing details routine board transitions and strategic appointments of highly qualified individuals. While these changes are positive for corporate governance and strategic alignment, they do not present new financial data or immediate catalysts that would warrant a 'buy' or 'sell' recommendation. The company's underlying business performance remains the primary driver for investment decisions, and this filing primarily reinforces a stable, well-managed leadership structure.

Keywords

TTM Technologies, Board of Directors, Director Appointment, Director Retirement, Corporate Governance, Daniel G. Korte, Ryan D. McCarthy, Thomas T. Edman, John G. Mayer, Aerospace and Defense, Printed Circuit Boards, RF Components, NASDAQ: TTMI