Laura Wright
TE ConnectivityAbout Laura H. Wright
Independent director of TE Connectivity (TEL), age 64, serving since 2014, and currently Chair of the Audit Committee and member of the Joint Committee on Cybersecurity. She is a former Chief Financial Officer of Southwest Airlines with 25 years at the company and is designated an SEC “audit committee financial expert.” She holds B.S. and M.S. degrees in accounting from the University of North Texas and is a Certified Public Accountant . The Board determined she is independent under TE’s stringent guidelines and NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Southwest Airlines | Chief Financial Officer; Senior Vice President Finance; Treasurer; Assistant Treasurer | Retired 2012; 25-year career | Extensive finance leadership across reporting, risk, capital markets, IR, tax, strategy, M&A; audit committee financial expert credentials |
| Arthur Young & Co. | Tax Staff; Tax Manager | Tax Staff starting 1982; Tax Manager 1986–1988 | Early technical tax experience underpinning audit/finance expertise |
External Roles
| Company | Role | Status | Notes |
|---|---|---|---|
| Spirit AeroSystems Holdings, Inc. | Director | Current | Public company board service |
| CMS Energy Corporation | Director | Current | Also director of Consumers Energy Company (subsidiary) |
| Joby Aviation, Inc. | Director | Current | Public company board service |
Board Governance
- Committee assignments: Audit Committee Chair (financial expert) and member, Joint Committee on Cybersecurity . Audit Committee Chair since March 2024; committee members in FY24 included Wright, Davidson, Dugle; Eldessouky joined Oct 2024 .
- Independence: 10 of 12 director nominees are independent, including Wright .
- Attendance: Board held 8 meetings in FY2024; all incumbent directors attended >75% of Board and committee meetings; all 11 then-serving directors attended the 2024 AGM .
- Non-management director engagement: Non-management directors met in executive session 4 times in FY2024 .
- Cybersecurity oversight: The Joint Committee on Cybersecurity reviews IT/security risk exposures, controls, and program assessments; Wright is a member .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $100,000 | Effective Oct 2023 fee structure |
| Committee chair fee (Audit) | $30,000 | Effective Oct 2023 fee structure; Wright became Audit Chair Mar 2024 |
| Equity (annual grant value) | $200,000 | Granted as TE ordinary shares to non-employee directors |
| FY2024 Director compensation – Cash | $123,750 | Reflects retainer plus pro-rated chair increments |
| FY2024 Director compensation – Stock awards (grant-date fair value) | $206,638 | 1,525 shares granted 12/12/2023; fair value per share $135.50 |
| FY2024 All other compensation | $10,000 | Company charitable matching gifts |
| FY2024 Total | $340,388 | Sum of cash, stock awards, other |
Additional equity grant mechanics:
- Equity award type for directors: ordinary shares; annual grants typically made in Q1 under Equity Granting Policy .
- FY2024 equity grant sizing methodology: 20-day average closing price pre-grant ($131.10) used to determine shares; grant-date fair value based on closing price ($135.50) .
Performance Compensation
| Metric Type | Applied to Non-Employee Directors | Disclosure |
|---|---|---|
| Short-term incentive (bonus) | Not applicable | Director pay consists of fixed cash retainers and equity grants; no performance bonus disclosed |
| Performance Stock Units (PSUs) | Not applicable to directors | Director equity is delivered as shares; PSUs are used for executives (NEOs), not directors |
| Options for directors | Not disclosed | Director compensation table shows only cash and stock awards (shares) |
Other Directorships & Interlocks
| Company | Sector Overlap Considerations | TE Disclosure |
|---|---|---|
| Spirit AeroSystems; Joby Aviation | Aerospace exposure aligns with TE’s connectivity/sensing offerings; potential information flow benefit | No related person transactions requiring disclosure in FY2024 |
| CMS Energy; Consumers Energy | Regulated utility sector exposure | No related person transactions requiring disclosure in FY2024 |
TE’s related-party policy requires NGCC review and approval of any disclosable related person transactions; none existed in FY2024 .
Expertise & Qualifications
- Financial expertise: SEC-designated audit committee financial expert; deep CFO/treasurer background .
- Education and credentials: B.S. and M.S. in accounting (University of North Texas); CPA .
- Skills matrix: Finance & accounting, executive leadership indicated for Wright in TE’s skills matrix .
Equity Ownership
| Holder | Shares Beneficially Owned | Notes |
|---|---|---|
| Laura H. Wright | 17,684 | As of Jan 13, 2025; below 1% individual threshold; group (17 persons) collectively 0.9% |
| Ownership guidelines | ≥5x annual cash retainer ($500,000) within 5 years | As of FY2024 year-end, all current directors met or, for Clamadieu and Lin, are on track to meeting requirements |
| Hedging/Pledging | Prohibited for directors (no hedging, no pledging/margin accounts) | Strengthens alignment |
Governance Assessment
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Strengths:
- Audit Committee leadership: Wright’s appointment as Chair in March 2024 and signing of the Audit Committee Report indicates active oversight of financial reporting, auditor independence, internal controls, and ombudsman channels; the committee recommended inclusion of audited financials and Irish statutory statements for FY2024 .
- Independence and attendance: Board determined Wright is independent; Board/committees had robust meeting cadence and >75% attendance; directors attended AGM .
- Ownership alignment and policies: Directors have meaningful ownership guidelines (5x retainer) with compliance; prohibitions on hedging/pledging reduce misalignment risk .
- Cyber oversight: Membership on Joint Committee on Cybersecurity supports board risk coverage in IT/security .
-
Potential watch items:
- Multiple external boards: Wright serves on three other public company boards (plus Consumers Energy subsidiary). While no attendance or related-party issues are disclosed, time commitment should be monitored given Audit Chair responsibilities at TEL .
- Chair transition mid-year: Audit Chair role began March 2024; continuity of oversight appears maintained per committee reporting and recommendations .
-
Red flags:
- None disclosed: No related person transactions in FY2024; Section 16(a) filing compliance reported complete; hedging/pledging prohibited .
Board Governance (Detail)
| Item | Detail |
|---|---|
| Audit Committee composition FY2024 | Wright (Chair from Mar 2024), Davidson, Dugle; Eldessouky joined Oct 2024 |
| Board meetings FY2024 | 8; all incumbents >75% attendance; AGM attendance by all then-serving directors |
| Non-management sessions | 4 in FY2024 |
| Independence | 10 independent nominees; Wright independent |
| Cyber oversight remit | Reviews IT/security risk exposures, controls, threat landscape; Wright member |
Director Compensation Structure (Reference)
| Fee Component | Amount |
|---|---|
| Annual cash retainer | $100,000 |
| Equity (shares) | $200,000 |
| Audit Chair | $30,000 |
| Audit Committee member | $15,000 |
| Lead Independent Director | $40,000 |
| Non‑Executive Chairman | $185,000 |
FY2024 equity grants: 1,525 shares per director on 12/12/2023; 20-day average ($131.10) used to size shares; grant-date fair value uses closing price ($135.50) .
Related Party Transactions & Controls
- Policy: NGCC reviews/approves disclosable related person transactions; factors include fairness, terms vs third party, materiality, business purpose, and control implications .
- FY2024 disclosure: No related person transactions requiring disclosure .
- Charitable matching: NGCC pre-approves donations to director-associated organizations; caps at less of $1M or 2% of org revenues; director matching capped to director’s own contribution .
Compliance & Insider Reporting
- Section 16(a): TE reports that all executive officers, directors, and >10% holders complied with reporting in FY2024; TE assists with filings .
Implications for Investors
- Wright’s deep finance background and role as Audit Chair bolster confidence in reporting integrity and auditor oversight, a positive governance signal .
- Strong ownership and trading restrictions reduce alignment risks; no related-party transactions disclosed mitigates conflict concerns .
- Monitor bandwidth across external boards given critical committee leadership at TEL; attendance and engagement currently robust .