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    Aptiv PLC (APTV)

    CFO Change

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    Business Description

    Aptiv is a leading global technology and mobility architecture company that primarily serves the automotive sector. The company specializes in designing, manufacturing, and assembling vehicle electrical architectures and developing advanced safety and user experience technologies. Aptiv's offerings include connectors, wiring assemblies, sensing and perception systems, electronic control units, and autonomous driving technologies, catering to the industry's shift towards electrified and software-defined vehicles . The company serves the 25 largest automotive original equipment manufacturers (OEMs) worldwide .

    1. Signal and Power Solutions - Designs, manufactures, and assembles vehicle electrical architecture, including connectors, wiring assemblies, harnesses, cable management, electrical centers, and high voltage and safety-critical distribution systems. Provides the backbone for signal distribution and computing power, supporting increased vehicle content and electrification.
    2. Advanced Safety and User Experience - Enhances vehicle safety, security, comfort, and convenience through technologies such as sensing and perception systems, electronic control units, multi-domain controllers, vehicle connectivity systems, cloud-native software platforms, application software, and autonomous driving technologies. Aligns with industry trends towards software-defined vehicles and connected services.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Kevin P. ClarkChairman and Chief Executive OfficerMarch 2015Kevin P. Clark has been a director since March 2015, when he became Aptiv's President and CEO. In April 2022, he was named Chairman and Chief Executive Officer. He joined Aptiv in 2010 as Chief Financial Officer .
    Joseph R. MassaroVice Chairman, Engineered Components GroupNovember 2024Joseph R. Massaro was named Vice Chairman, Engineered Components Group in November 2024. He joined Aptiv in 2013 and held various roles, including Senior Vice President and Chief Financial Officer .
    William T. PresleySenior Vice President and Chief Operating Officer, President, Signal & Power SolutionsDecember 2022William T. Presley is the Senior Vice President and Chief Operating Officer since December 2022, and President of Signal and Power Solutions since September 2020. He joined Aptiv in January 2019 .
    Obed D. LouissaintSenior Vice President and Chief People OfficerJanuary 1, 2023Obed D. Louissaint is the Senior Vice President and Chief People Officer, effective January 1, 2023. He joined Aptiv from IBM, where he held various human resources positions .
    Benjamin LyonSenior Vice President and Chief Technology OfficerDecember 2022Benjamin Lyon is the Senior Vice President and Chief Technology Officer, effective December 2022. He joined Aptiv from Astra Space, Inc., where he was Chief Engineer and Executive Vice President .
    Katherine H. RamundoSenior Vice President, Chief Legal Officer, Chief Compliance Officer, and SecretaryMarch 2021Katherine H. Ramundo has been the Senior Vice President, Chief Legal Officer, Chief Compliance Officer, and Secretary since March 2021. She previously held roles at Howmet Aerospace Inc., ANN, Inc., and Colgate-Palmolive .
    Matthew M. ColeSenior Vice President and President of Advanced Safety and User ExperienceJanuary 2023Matthew M. Cole is the Senior Vice President and President of Advanced Safety and User Experience, effective January 2023. He joined Aptiv from Tech Transformations .
    Varun LaroyiaExecutive Vice President and Chief Financial OfficerNovember 8, 2024Varun Laroyia was appointed as the Executive Vice President and Chief Financial Officer, effective November 8, 2024. He previously worked at LKQ Corporation and held roles at CBRE Group Inc., Johnson Controls, and others .

    Questions to Ask Management

    1. Given your decision to leverage up the balance sheet to fund a $5 billion share repurchase program , how do you justify this aggressive capital return strategy in light of potential economic uncertainties and the need to invest in future growth opportunities?

    2. With some OEMs expressing a desire to develop their own software architectures and potentially reduce reliance on Tier 1 suppliers , how does this trend impact your long-term growth prospects and your strategy to provide standardized solutions rather than customized ones?

    3. Considering potential delays in OEMs adopting software-defined vehicle architectures and the associated reduction in wiring content , how do you anticipate this affecting your revenues and margins, especially in lower-margin areas like wiring harnesses where content could be reduced?

    4. As you plan substantial share repurchases funded by increased debt, how confident are you in your ability to maintain investment-grade credit ratings and deleverage the balance sheet, particularly without relying on asset sales or one-off cash inflows?

    5. Your updated financial outlook reflects confidence in margin expansion despite lower OEM production schedules ; can you elaborate on the specific drivers of this margin improvement and how sustainable they are, especially given that net pricing and commodity recoveries are decreasing?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateJanuary 2019 July 2024
    End Date/DurationAugust 2024 Q2 2025 (scheduled)
    Total Additional Amount$2.0 billion $5.0 billion
    Remaining Authorization$0 $2,515 million
    DetailsCompleted Flexible repurchase options

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025€782 Euro-denominated Senior Notes1.50 8.2% = (782 / 9,540) * 100
    2028€559 Euro-denominated Senior Notes1.60 5.9% = (559 / 9,540) * 100
    2029$300 Senior Notes4.35 3.1% = (300 / 9,540) * 100
    2029$550 Senior Notes4.65 5.8% = (550 / 9,540) * 100
    2032$800 Senior Notes3.25 8.4% = (800 / 9,540) * 100
    2034$550 Senior Notes5.15 5.8% = (550 / 9,540) * 100
    2036€838 Euro-denominated Senior Notes4.25 8.8% = (838 / 9,540) * 100
    2046$300 Senior Notes4.40 3.1% = (300 / 9,540) * 100
    2049$350 Senior Notes5.40 3.7% = (350 / 9,540) * 100
    2051$1,500 Senior Notes3.10 15.7% = (1,500 / 9,540) * 100
    2052$1,000 Senior Notes4.15 10.5% = (1,000 / 9,540) * 100
    2054$550 Senior Notes5.75 5.8% = (550 / 9,540) * 100
    2054$500 Fixed-to-Fixed Reset Rate Junior Subordinated Notes6.875 5.2% = (500 / 9,540) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Amphenol Corporation - Competitor in the Signal and Power Solutions segment .
    • Draexlmaier Group - Competitor in the Signal and Power Solutions segment .
    • Lear Corporation - Competitor in the Signal and Power Solutions segment .
    • Leoni AG - Competitor in the Signal and Power Solutions segment .
    • Molex Inc. (a subsidiary of Koch Industries, Inc.) - Competitor in the Signal and Power Solutions segment .
    • Sumitomo Electric Industries - Competitor in the Signal and Power Solutions segment .
    • TE Connectivity, Ltd. - Competitor in the Signal and Power Solutions segment .
    • Yazaki Corporation - Competitor in the Signal and Power Solutions segment .
    • Bosch Group - Competitor in the Advanced Safety and User Experience segment .
    • Continental AG - Competitor in the Advanced Safety and User Experience segment .
    • Denso Corporation - Competitor in the Advanced Safety and User Experience segment .
    • Harman International (a subsidiary of Samsung Electronics) - Competitor in the Advanced Safety and User Experience segment .
    • Hyundai Mobis - Competitor in the Advanced Safety and User Experience segment .
    • LG Electronics - Competitor in the Advanced Safety and User Experience segment .
    • Magna International - Competitor in the Advanced Safety and User Experience segment .
    • Panasonic Corporation - Competitor in the Advanced Safety and User Experience segment .
    • Valeo - Competitor in the Advanced Safety and User Experience segment .
    • Visteon Corporation - Competitor in the Advanced Safety and User Experience segment .
    • ZF Friedrichshafen AG - Competitor in the Advanced Safety and User Experience segment .

    Customer Concentration

    CustomerRelationshipSegmentDetails
    General Motors (GM)
    Supplier of advanced automotive technologies
    All
    Part of Aptiv’s top five customers (combined ~40% of total net sales in 2023) and top ten customers (combined ~54% in 2023). No single-year share above 10% in 2023 or 2022.Labor strikes in 2023 across GM, Ford, Stellantis caused a total $180 million adverse impact on Aptiv’s revenue.
    Ford Motor Company (Ford)
    Supplier of advanced automotive technologies
    All
    Part of Aptiv’s top five customers (combined ~40% of total net sales in 2023) and top ten customers (combined ~54% in 2023). No single-year share above 10% in 2023 or 2022.Labor strikes in 2023 across GM, Ford, Stellantis caused a total $180 million adverse impact on Aptiv’s revenue.
    Stellantis N.V. (Stellantis)
    Supplier of advanced automotive technologies
    All
    Part of Aptiv’s top five customers (combined ~40% of total net sales in 2023) and top ten customers (combined ~54% in 2023). Accounted for 11% of total net sales in 2021.Labor strikes in 2023 caused a total $180 million adverse impact on Aptiv’s revenue.

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2006 PresentCurrent auditor

    Latest news

    Recent developments and announcements about APTV.

    Financial Reporting

      Earnings Report

      ·
      Jan 22, 2025, 11:25 AM

      Aptiv PLC has announced that it will release its fourth quarter 2024 financial results on February 6, 2025. The company will also hold an investor call on the same day at 8:00 a.m. ET to discuss these results. This upcoming release will provide insights into Aptiv's financial performance and any significant trends affecting its operations.

    Corporate Leadership

      CFO Change

      ·
      Nov 7, 2024, 12:00 AM

      Joseph R. Massaro, the current Chief Financial Officer (CFO) of Aptiv PLC, will step down from his position effective November 8, 2024. He will be succeeded by Varun Laroyia, who has been appointed as the new Executive Vice President and CFO of Aptiv .

      Leadership Change

      ·
      Nov 7, 2024, 12:00 AM

      Joseph R. Massaro is stepping down from his position as Chief Financial Officer to lead the Engineered Components Group. William T. Presley will step down from his role as Vice Chairman and Chief Operating Officer on November 22, 2024, to pursue other opportunities. Varun Laroyia will assume the role of Executive Vice President and Chief Financial Officer effective November 8, 2024 .

      CFO Change

      ·
      Nov 7, 2024, 12:00 AM

      Joseph R. Massaro, the current Chief Financial Officer (CFO) of Aptiv PLC, will step down from his position effective November 8, 2024. He will be succeeded by Varun Laroyia, who has been named Executive Vice President and Chief Financial Officer .