- After about four years in the position
- Thanks and good wishes for Cote
- Martha Sullivan taking over temporarily
- Search for a successor
- Cote kept it short and said 60 words
(exechange) — Swindon, United Kingdom, April 29, 2024 — Jeff Cote, chief executive of Sensata, leaves his position. As announced by Sensata Technologies Holding Plc in a news release and in a regulatory filing published on Monday, April 29, 2024, Jeffrey (Jeff) Cote leaves his post as chief executive officer at the industrial technology company, after about four years in the role, effective April 30, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Sensata will undertake a search for a successor.
Jeff Cote’s duties as CEO will be taken over temporarily by Martha N. Sullivan, a former chief executive officer at Sensata Technologies Holding Plc, as Interim Chief Executive Officer.
No reason given
In the announcement, Sensata did not explicitly explain the reason for the move.
Precise information regarding Jeff Cote’s future plans was not immediately available.
“Retire”
Sensata said: “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.”
Share price decline since April 2023
The announcement follows a decline in Sensata Technologies Holding Plc’s share price of 29% since April 2023.
In the position of CEO since 2020
Jeff Cote became CEO of the Company in 2020.
Jeffrey Cote will retire from his role as Chief Executive Officer and President effective April 30, 2024, having served in that role since March 1, 2020.
He was appointed President in January of 2019 and previously served as Chief Operating Officer from July 2012 until January 2019.
In addition to his role as Chief Operating Officer, he served as Executive Vice President, Sensing Solutions from November 2015 to January 2019.
He served as Executive Vice President and Chief Administrative Officer from January 2011 through July 2012.
Cote assumed the role of Interim Chief Financial Officer in April 2013 and served in that role until February 2014.
Cote served as Senior Vice President and Chief Financial Officer of STI from January 2007 through July 2007, and Executive Vice President and Chief Financial Officer of STI from July 2007 through the Company’s initial public offering.
From March 2005 to December 2006, Cote was Chief Operating Officer of the law firm Ropes & Gray. From January 2000 to March 2005, Cote was Chief Operating and Financial Officer of Digitas.
Previously he worked for Ernst & Young LLP.
60 words by Jeff Cote
In the release announcing his departure as CEO of Sensata Technologies Holding Plc, Jeff Cote received thanks and good wishes.
In the release announcing his departure as CEO, Jeff Cote kept it short and said 60 words.
“I am proud”
Jeff Cote stated: “I am proud of the progress we have made in helping our customers solve their most challenging engineering and operational issues. 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.”
The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.